Offshore

Oil slips below USD 80 as Fed rate worries cloud market outlook

Oil fell below USD 80 a barrel for the first time in more than two months as fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s supply cuts.
Two crude tankers load off oil on a specialized dockyard in Yantai in east Chinas Shandong province. | Photo: Tang Ke/AP/Ritzau Scanpix
Two crude tankers load off oil on a specialized dockyard in Yantai in east Chinas Shandong province. | Photo: Tang Ke/AP/Ritzau Scanpix
By Malaika Kanaaneh Tapper and Alex Longley, Bloomberg

West Texas Intermediate fell as much as 2.2%. Broader financial markets dropped and the dollar strengthened after a Fed official said it’s too soon to declare victory over inflation.

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