The boost is due to the drop in the US currency following the Fed report as the Houthis continue their attacks on ships in Yemen.
The oil prices rose this Thursday for the second consecutive day, driven by a dollar that weakened after the minutes of the United States Federal Reserve (Fed) and another attack on ships near Yemenwhich keeps the tension in Middle East.
The barrel of variety West Texas Intermediate (WTI) gained 0.8% to close at $78.60, while the rate Brent It rose 0.7% and settled at $83.60, according to figures reported by the New York Stock Exchange (NYMEX). The increase occurred in parallel with the fall of 0.3%, to 103.66, of the dollar index. A dollar weaker tends to drive oil prices Petroleumwhich is cheaper for buyers with other currencies.
The permanent attacks by the Houthi rebels in the Red Sea They also caused a rise in oil prices. Two missiles were fired at a ship off the southeast coast of Yemen on Thursday, causing a fire on board, British shipping agencies said, as the Houthis continue attacks on shipping to show their support for the Palestinians in Loop.
“Hostilities in and around the Red Sea by Houthi rebels backed by Iran against commercial vessels guarantee that the geopolitical risk premium will continue to remain high,” said Tamas Varga, of PVM Oil, reported Reuters
However, the increase in crude oil inventories in the United States moderated price increases. U.S. crude oil inventories rose 7.17 million barrels in the week ended Feb. 16, market sources reported Wednesday, citing U.S. figures. American Petroleum Institute.
Gasoline stocks also increased, while those of fuels distillates fell. U.S. crude inventories have risen as disruptions at major refineries have left utilization rates at the lowest level in two years, although plants are resuming production.
Source: Ambito
