Oil fell by around $1 a barrel on Thursday in volatile trade, as the impact of tighter U.S. crude stocks due to a winter storm in the United States was outweighed by fears that Federal Reserve interest rate hikes and China’s rising COVID-19 cases would dent demand.
Brent crude futures settled at $80.98 a barrel, losing $1.22, or 1.5%. U.S. West Texas Intermediate (WTI) crude futures settled at $77.49, falling by 80 cents, or 1%.
To get a better idea of where oil prices are heading in 2023, NTD’s Don Ma spoke with energy expert Tracy Shuchart. She is the CEO and chief energy and materials strategist at Hightower Resource Advisors.
Shuchart talked about how a possible economic recession and the push for renewables could impact oil prices, as well as what lessons the U.S. can learn from the Europe energy crisis.
