Oil Prices Rise Slightly in Settlement Trading | February 13, 2024

Oil prices edged slightly higher in trading today, February 13, following data indicating a slowdown in the pace of inflation in the United States.

Brent crude futures rose 23 cents, or 0.3 percent, to $67.75 a barrel. West Texas Intermediate (WTI) crude futures increased by five cents, or 0.08 percent, to settle at $62.89 a barrel, according to reports from multiple commodity news sources.

Both benchmark crudes registered weekly declines, extending losses from Thursday where prices fell nearly three percent. Brent crude experienced a weekly loss of approximately 0.5 percent, while WTI declined by one percent, according to FXNewstoday.ae.

The slight increase in oil prices comes as investors assess the potential impact of slowing U.S. Inflation on future interest rate decisions. Lower inflation figures have bolstered expectations that the Federal Reserve may consider reducing interest rates, a move that could stimulate economic activity and, oil demand.

Despite the modest gains, market analysts note that concerns regarding global economic growth and geopolitical risks continue to weigh on oil prices. OilPrice.com reports that the market offers charts and analysis of various crude oil blends and global indicators.

As of February 13, the price of Brent crude was $62.840, with a daily high of $63.281 and a low of $62.133, representing a change of -18.479 and a percentage change of 22.724%, according to FXNewstoday.ae.