Oil prices saw a decrease in early European trading on Thursday, influenced by the Federal Reserve's decision to raise interest rates for the first time in three years. This move by the central bank, aimed at combating inflation, typically dampens economic activity and reduces demand for commodities like oil.
Adding to the downward pressure on oil prices were hopes that Saudi Arabia could soon bring some of its disrupted export capacity back online. Disruptions in global supply chains and geopolitical events have previously contributed to price volatility, and any restoration of significant supply can lead to price moderation.