Investors digest the Fed’s tough tone in its monetary policy report and bet on strategic purchases by the US.
He Petroleum rose this Thursday, after three days of losses that took international prices to their lowest level since mid-March.
The Brent crude oil futures for July they gained 79 cents, or 0.95%, at 84.23 dollars a barrel, and those of the West Texas Intermediate in the United States (WTI) for June they rose 69 cents, or 0.87%, to $79.69, Reuters reported at 09:59 GMT.
On Wednesday, prices of Petroleum fell more than 3% to seven-week lows after the Federal Reserve (Fed) kept interest rates stable and warned of a inflation tenacious that could stop the economic growth this year and limit the increase in oil demand.
They were also pressured by an unexpected increase in crude oil inventories in USAaccording to data from the Energy Information Administration (EIA). Inventories were at their highest level since June.
“The update of inventories was probably the factor that most influenced prices during yesterday’s session,” said Tamas Varga, analyst at PVM.
To the recovery of Petroleum ceasefire talks contributed to the war between Israel and Hamas and the possibility that low prices will stimulate the purchase of strategic reserves by the US government.
The United States had previously said that it intends to restore the Strategic Petroleum Reserve (SPR) after a historic sale in 2022 and that its intention is to buy at $79 a barrel or less.
“The market of Petroleum was supported by speculation that if WTI falls below $79, the United States will move to increase its strategic reserves,” said Hiroyuki Kikukawa, president of NS Tradingproperty of Nissan Securities.
Source: Ambito
