Oil Prices Dip as Inflation Remains a Concern

The oil market experienced a volatile week, with Brent crude prices fluctuating between nearly $110 and just below $102 per barrel. The price for a barrel of Brent crude rose to almost $110 earlier this week before dropping 0.3% to $104.07 on September 18.

High inflation has been contributing to the upward pressure on oil prices, with companies like Nucor reporting increased expenses due to higher costs and higher prices for their products. The steel maker's stock sank 4.1% after it gave a forecast that fell short of analysts' expectations.

The Bank of Japan raised its benchmark interest rate in a widely expected move, up to its highest level in 31 years. This followed the Federal Reserve's decision to raise its federal funds rate earlier this week for the first time in three years, as it seeks to rein in high inflation.