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Oil price dip brings ‘relief’ and impacts interest rates

CommSec’s Tom Piotrowski says there has been a “big retreat” in the price of oil.

Oil prices fell, with the global benchmark Brent crude down nearly two per cent to $US84.17 per barrel.

Meanwhile, the US WTI shed more than two per cent to $US82.48 per barrel.

“This comes as a bit of a relief as well because that has underlined the move higher for interest rates,” he told Sky News Australia.

“So in the last couple of days, we’ve seen a $13 price range on the US benchmark; last night down by two per cent or a $1.86 – $2.41.

“So that’s another factor that’s taken the heat out of the interest rate markets.”

Presented by CommSec.

CommSec’s Tom Piotrowski says there has been a “big retreat” in the price of oil.

Oil prices fell, with the global benchmark Brent crude down nearly two per cent to $US84.17 per barrel.

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Meanwhile, the US WTI shed more than two per cent to $US82.48 per barrel.

“This comes as a bit of a relief as well because that has underlined the move higher for interest rates,” he told Sky News Australia.

“So in the last couple of days, we’ve seen a $13 price range on the US benchmark; last night down by two per cent or a $1.86 – $2.41.

“So that’s another factor that’s taken the heat out of the interest rate markets.”

Presented by CommSec.

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