Oil became more expensive on the 3rd day due to the depreciation of the dollar, US crude oil reserves fell – #Oil #expensive #3rd #day #due #depreciation #dollar #crude #oil #reserves #fell

MELBOURNE, Feb 8 (Reuters) – Oil on Wednesday prices increasing its gains from the previous two days, the dollar exchange rate was less hawkish than the markets expected and USArose after a surprising decline in crude oil inventories. .

Brent crude futures rose 11 cents, or 0.1%, to $83.80 a barrel, up 3.3% in the previous session.

USAU.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.2%, at $77.27 a barrel after rising 4.1% in the previous session.

Dollar The index fell slightly to 103.29 in early trade, extending losses after Powell’s comments on Tuesday, making oil cheaper for holders of other currencies.

With less aggressive interest rate hikes in the United States, the market is hoping the world’s largest economy and oil consumer will avoid a sharper slowdown in economic activity or even a recession, and avoid falling oil demand.

“I think we’re in a fairly balanced market,” Westpac chief economist Justin Smirk said.

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“If we get stronger-than-expected growth from the developing world, (oil) prices will be stronger and OPEC will have to increase production. This is not our main point. We do not see a big increase in demand,” he said. .

Supporting the market, weekly inventory data from industry group the American Petroleum Institute showed crude inventories fell by nearly 2.2 million barrels in the week ended Feb. 3, according to market sources.

That beat the expectations of nine analysts polled by Reuters, who had estimated crude inventories rose by 2.5 million barrels.

However, gasoline and distillate stocks rose more than expected, gasoline inventories rose by about 5.3 million barrels and distillate stocks, including diesel and fuel oil, by about 1.1 million barrels.

Market USA It will look to see if data from the Energy Information Administration, due at 1530 GMT, confirms a decline in crude oil inventories.

Reporting by Sonali Paul in Melbourne; Edited by Muralikumar Anantharaman

Our standards: Thomson Reuters Trust Principles.

2023-02-08 06:38:09
Source – reuters

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