Crude Oil is trading today in the Asian session below the $77 level.
Oil prices declined for the fourth consecutive session on Thursday following the release of U.S. Federal Reserve meeting minutes, which indicated potential further tightening of interest rates if inflation remains persistent, potentially impacting oil demand.
The minutes, released on Wednesday from the Fed's latest policy meeting, revealed that while the central bank would maintain its current policy rate for now, there was also discussion about the possibility of additional rate hikes.
Higher interest rates increase borrowing costs, reducing funds available for economic growth and oil demand in the world's largest oil-consuming nation.
Additionally, market sentiment was dampened by a report from the Energy Information Administration showing that U.S. crude stocks rose by 1.8 million barrels last week, contrary to the expected 2.5 million-barrel draw.
