USOIL 23rd AUGUST 2022

Oil prices briefly surged in mid-trade due to a push to raise the Fed's benchmark interest rate. However, prices eased back after investors believed that the US central bank's policy this month was to maintain interest rates.

Another factor, the US dollar strengthened again to its highest level in five weeks, which limited the increase in crude oil prices. This is because oil becomes more expensive for buyers with non-US dollar currencies.
US Dollar Index

Oil prices will not be too bearish, this is due to the prospect of higher demand entering the winter season.