Global consumption of liquid fuels is forecast to reach 102.2 million barrels per day by 2024, mainly driven by the growth in countries like India and China, reflecting trends in economic activity, the US Energy Information Administration said in its Near-Term Energy Outlook.
Brent futures were up 86 cents, or 1.1%, at $80.40 a barrel, while US crude was up $1.02, or 1.3%, at $75.45 a barrel.
* Markets also awaited clarity on the Federal Reserve’s plans to raise interest rates after Fed Chairman Jerome Powell avoided commenting on monetary policy and the economy at a symposium.
* Traders are now looking at Thursday’s CPI data for indications on the near-term outlook.
* Thursday’s data “could easily clarify the direction of the financial and oil markets in the coming weeks,” said Tamas Varga of PVM oil brokerage. Varga added that the dollar would fall if inflation comes in below expectations or is below November’s reading.
* A weaker dollar may boost demand for oil, as US currency-denominated commodities become cheaper for holders of other currencies.
* The dollar was hovering around its weakest level in seven months. A weaker US currency may boost demand for oil, as dollar-denominated commodities become cheaper for holders of other currencies.
* Fed Governor Michelle Bowman said the central bank will have to raise interest rates further to combat high inflation and that will likely lead to softer labor market conditions.
* Both WTI and Brent rose 1% on Monday after China, the world’s biggest oil importer and second-biggest consumer, opened its borders over the weekend for the first time in three years.
* China also issued a second batch of crude import quotas for 2023, raising the total for this year by 20% from last year.
The futures of Brent for March they rise 34 cents, or 0.4%, to $80 a barrel. US crude West Texas Intermediate earns 42 cents, or 0.6%, at $75 a barrel.
Two US Federal Reserve officials said Monday that they expected the Fed’s policy rate -now in a range between 4.25% to 4.5%- I would have to go up in stages to a range between 5.0% to 5.25% to control higher inflation rates.
The Federal Reserve monetary policy makers they said the new inflation datawhich will be published on Thursday, will help you decide whether they can slow the pace of interest rate hikes at your next meeting, only a quarter point increase instead of the larger increases they decreed for most of 2022.
Thursday’s data “could easily clarify the direction of financial markets and oil in the coming weeks,” said tamas varga, of the PVM oil brokerage in dialogue with Reuters. Varga added that the dollar would fall if inflation comes in below expectations or is below November’s reading.
A weaker dollar may boost oil demandas dollar-denominated commodities are cheaper for holders of other currencies.
The Chairman of the United States Federal Reserve, Jerome Powell, He is scheduled to speak at a central bank conference this afternoon.
- So much WTI and Brent rose 1% on Mondayafter what Chinathe world’s largest oil importer and second largest consumer, opened its borders over the weekend for the first time in three years.
China also issued a second batch of crude oil import quotas for 2023, raising the total for this year by 20% compared to last year.
Secondly, US crude oil and distillate stocks reportedly fell last week, a preliminary Reuters poll showed on Monday. This Tuesday afternoon, the American Petroleum Institute will publish crude oil inventories.
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