Reuters reported that oil prices have approached stability as optimism regarding a potential increase in energy demand in China fades, and markets are affected by fears of rising inflation. Brent crude futures fell by 12 cents, trading at $92.26 per barrel. West Texas Intermediate crude futures decreased by four cents to $84.47 per barrel. Brent crude is on track for a weekly increase of 0.7%, while West Texas Intermediate is expected to decline by 1.3% after the extension of the nearest contract. Patrick Harker, President of the Federal Reserve Bank of Philadelphia, stated, "In order to combat inflation, the bank is trying to slow down the economy and will continue to raise interest rates in the short term."
Oil Prices Near Stability
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