Oil falls on profit-taking after Brent surges to $90 a barrel

Oil falls on profit-taking after Brent surges to $90 a barrel
# 27 January 2022 08:17 (UTC +04:00)

Oil prices fell on Thursday as investors cashed in profits from the 2% gains in the previous session after the U.S. Federal Reserve indicated an interest rate hike in March, leading to a technical correction in surging energy markets, APA reports quoting Reuters.

Futures pulled back amid a broader decline in financial markets triggered by the March interest rate increase telegraphed by the Fed and a surge in the U.S. dollar. Crude prices have surged amid the tensions between Ukraine and Russia, the world's second-largest oil producer, that has fanned fears of disruptions of natural gas to Europe.

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