Oct PPI adds to relief over cooling US inflation
November 15, 2022
Dow turns negative, S&P 500 clings to gain as rally fades despite more signs of easing inflation
November 15, 2022US benchmark oil prices decline 0.8% to $85.17 a barrel as they sink toward the low end of a four-week-long trading range roughly between $85 and $92. This is the fifth down day in the past seven sessions, and highlights investors’ concerns over rising interest rates and its impact on the US economy and demand for oil. “A breach to the downside will take spot prices closer to the low $80 range,” says Spartan Capital’s Peter Cardillo in a research note. For tomorrow’s weekly EIA report, investors will watch to see if US oil production, which stands at 12.1 million barrels a day, will climb back to the 12.2M post-Covid peak.
