Oil Under Pressure As Traders Await Fed Decision

Pressured by a strong dollar and weaker demand forecasts, oil prices continued their way down on Monday morning after closing last week on a bearish note.  WTI crude fell below $85 on Friday afternoon on a flurry of negative news. Rising U.S. commercial crude inventories, a year-on-year drop in supplied oil products and a gloomy IEA demand outlook weighed on oil futures. For the fourth quarter of 2022, the IEA predicts zero demand growth as a result of China’s zero-covid policies, stating that the market will likely be oversupplied in…