Fed Action Caps Crude Prices

U.S. West Texas Intermediate crude oil futures are trading lower late Thursday, pressured by a stronger U.S. Dollar and worries that further aggressive interest rate hikes by the Federal Reserve would cast the economy into recession, leading to lower demand. However, losses are being limited by concerns over tight supply. Friday’s price action represents a flip from the previous session’s higher close. On Wednesday, the Fed boosted interest rates 75 basis points and Chairman Jerome Powell dampened hopes of smaller rate hikes in December…