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Oil rises on fears of easing US recession and weaker dollar |

MELBOURNE, Feb 1 (Reuters) – Oil on Wednesday prices USAIt rose as the dollar weakened on signs of slowing inflation in , easing fears that the world’s biggest oil user could face recession due to further interest rate hikes.

Brent oil futures 20 cents or 0.2% to $85.66 a barrel, USAU.S. West Texas Intermediate (WTI) crude futures rose 34 cents, or 0.4%, to $79.21 a barrel, up about 1%. previous session.

ANZ’s commodity analyst notes, “Companies’ positive report the mood changed against the background of the season. Signs of cooling inflation have also raised expectations that the Fed may hold off on interest rate hikes,” he said.

Tamer rate hike expectations dollars helped lower the index, which supported oil prices because weaker dollars it makes the commodity cheaper for buyers holding other currencies.

All eyes on the Organization of the Petroleum Exporting Countries on Wednesday and Russia will head to a meeting of its allies, including OPEC+, where producers are expected to confirm agreed current production targets in November.

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OPEC’s as Iraq’s exports fall and Nigeria’s production fails to recover, according to a Reuters poll january oil production decreased.

The deficit was larger than the 780,000 bpd deficit in December.

Data from the American Petroleum Institute, an industry group, showed crude inventories rose by nearly 6.3 million barrels in the week ended Jan. 27, according to market sources.

That was a bigger increase than the 400,000 barrels average analysts polled by Reuters had expected.

Distillate stockpiles, including diesel and heating oil, rose by about 1.5 million barrels, against analysts’ expectations for a 1.3 million barrel decline.

Reporting by Sonali Paul in Melbourne; Edited by Christian Schmollinger

Our standards: Thomson Reuters Trust Principles.

2023-02-01 07:09:23
Source – reuters

Translation“24 HOURS”



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