US Federal Reserve Chairman Jerome Powell said Thursday that the central bank’s focus on curbing inflation is “unconditional”, adding to fears of more rate hikes, which have hit financial markets. .
A survey showed on Friday that US consumer confidence hit a record low in June, even as the outlook for inflation improved slightly.
Russia’s invasion of Ukraine compounded supply shortages this year, just as demand had recovered from the Covid pandemic, and oil neared an all-time high of $147 hit in 2008.
Crude was helped by the near total shutdown of production in OPEC member Libya due to unrest.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, are due to meet on June 30 and are expected to stick to an earlier plan to slightly accelerate oil output increases in July and August, instead of raising the supply.
Source: Ambito
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