In the New York crude oil market on the 17th, caution against a global economic slowdown due to rapid monetary tightening became stronger, and international crude oil futures prices temporarily dropped to the $ 108 level per barrel.
In the New York crude oil market, WTI future prices, which are an international indicator of crude oil prices, temporarily remained high on the 14th of this week, rising to the $ 123 level per barrel, but turned around on the 17th. At one point, the price dropped to the $ 108 level per barrel.
Behind the scenes, this week, the Federal Reserve Board, the central bank of the United States, has raised an unusual 0.75% rate hike, followed by a series of rate hikes by the central banks of the United Kingdom and Switzerland. Rapid monetary tightening has slowed the global economy and increased caution against declining demand for crude oil.
"It's unclear whether WTI futures prices, which have remained high these days, will continue to fall, but the effects of the rapid monetary tightening are also affecting crude oil futures prices," said a market source.