Is It Too Late To Invest In The Oil Price Rally?

Reuters

Oil falls around 3% as investors eye U.S. Fed rate hikes

NEW YORK (Reuters) -Oil prices tumbled around 3% on Wednesday as investors worried that rate hikes by the Federal Reserve could push the U.S. economy into recession, dampening demand for fuel. U.S. West Texas Intermediate (WTI) fell $3.33, or 3%, to settle at $106.19 a barrel. Oil prices pared losses, however, during the session after Fed Chair Jerome Powell pledged an “overarching focus” on bringing down inflation and reiterated that ongoing increases in the central bank’s policy rate would be appropriate, with the pace depending on the economic outlook.