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By Peter Nurse Investing.com — Oil prices weakened Thursday as a series of interest rate increases by a number of central banks raised concerns about slowing growth and thus weakened demand in 2023. By 09:30 ET (14:30 GMT), U.S. crude futures traded 0.4% lower at $76.94 a barrel, while the Brent contract fell 0.3% to $82.45 a barrel. The European Central Bank, the Bank of England and the Swiss National Bank, all increased their benchmark interest rates by 50 basis points earlier Thursday as part of their ongoing battle against inflation at historic highs. This followed the same move by the U.S. Federal Reserve on Wednesday and occurs even as most of these economies teeter on the brink of recession . Chinese economic data showed that the world’s second biggest economy, and largest crude importer, lost more momentum in November. Both industrial production and retail sales came in weaker than expected, reporting their worst readings in six months as COVID-19 cases surged. TC Energy (NYSE:TRP) restarted a segment of its Keystone oil pipeline after a significant leak forced the line to be shut down a week ago. However, the pipeline, which delivers up to 600,000 barrels a day of […]
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