Macro-economic headwinds continue to plague the oil markets, and central bank action this week has turned the sentiment decidedly bearish, OilPrice said.

The reign of central banks over the oil markets continued this week as the Bank of England surprised markets by a 0.5pp interest rate hike, stoking fears that Europe’s recession is just as real as it is for the US. Seeing Norway and Switzerland hike interest rates on the same day, macroeconomic headwinds have pushed Brent futures to $73 per barrel whilst WTI is down at $68 per barrel.