By Royce Varghese
Oil posted a weekly decline as focus shifted to Fed tightening. WTI crude oil futures fell below $86 a barrel, down nearly 8% in the previous week, as stronger-than-expected US inflation cemented expectations of higher rate hikes by the Fed and hurt oil demand. Chinese demand also remains subdued amid the ongoing zero-Covid policy and rising Covid cases, mitigating some of the impact of OPEC’s upcoming supply restrictions in November. Meanwhile, in the monthly report, OPEC…
