The pattern of oil barrels is seen in front of the rising stock market chart in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration

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September 22 (Reuters) – Oil prices fell slightly at the start of Asian trading on Thursday after the U.S. Federal Reserve raised interest rates sharply to curb inflation, as fears for the global economy cast a shadow over future fuel demand.

Brent crude futures fell 16 cents, or 0.2%, to $89.67 a barrel at 0013 GMT, while U.S. West Texas Intermediate (WTI) crude fell 15 cents to 82, $79 a barrel.

The Fed on Wednesday raised its target interest rate by 75 basis points for the third time, to a range of 3.00 to 3.25%, and announced other significant increases to come. Risky assets like stocks fell on the news, along with oil, while the dollar

Meanwhile, U.S. gasoline demand over the past four weeks fell to 8.5 million barrels per day (bpd), its lowest since February, the U.S. Energy Information Administration said on Wednesday.

Elsewhere, Germany nationalized gas importer Uniper (UN01.DE) on Wednesday and Britain said it would cut companies’ energy bills in half in response to a growing supply crisis that has revealed Europe’s dependence on Russian fuel. Read more

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Reporting by Laura Sanicola; Editing by Kenneth Maxwell

Our standards: The Thomson Reuters Trust Principles.

Laura Sanicola

Thomson Reuters

Oil and energy reports, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.