Oil Prices Set For A Weekly Loss As Higher-For-Longer Rates Trump Tight Market

Oil prices were on track to post a small weekly loss early on Friday after the Fed signaled this week that interest rates could remain higher for longer, although it skipped a rate hike at its latest meeting. In Asian trade on Friday, WTI Crude was up by 0.62% at $90.19 and Brent Crude rose by 0.44% to $93.74. Both benchmarks were on track for a small weekly decline, following three weeks of weekly gains, in which prices had jumped by a total of 10% and hit the highest levels since November 2022. Oil prices rose at the start of this week, buoyed…