WTI Crude Oil Continues Rising Recently, it soared almost 2%, breaking through the $ 83 level after the US revealed lower-than-expected inflation numbers. This will slow down the interest rate hike by the US Federal Reserve (Fed).
At 11:10 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in May. which traded on the NYMEX plus $ 1.60, or 1.96%, to $ 83.13 / barrel.
The market was also positive from the dollar’s depreciation. This will increase the attractiveness of the contract. By making oil contracts cheaper for holders of other currencies.
In addition, oil prices were driven by expectations that China will take measures to stimulate the economy. After inflation fell to its lowest since September 2021 which indicates weak demand.
Oil prices were unaffected by the U.S. Energy Information Administration (EIA) data that U.S. crude inventories rose 600,000 barrels last week. This was the first increase in three weeks.
Investors are keeping an eye on the Oil Market Reports of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), which will be released on Thursday and Friday respectively.