Oil prices slump as stockpiles and rate hikes stoke demand fears

Oil futures trading volumes have been thin and prices volatile as traders have to square weaker energy demand with tighter supply resulting from the loss of Russian barrels after the country's invasion of Ukraine.The European Central Bank on Thursday joined many other central banks in raising interest rates, focusing on fighting runaway inflation rather than the economic downturn, which can weigh on oil demand.

from Commodities-Markets-Economic Times
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