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Thursday, February 2, 2023

Oil scores four rises in a row, driven by the Chinese opening

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The crude Brent goes up $1, or 1.3%, at $83.72 a barrelwhile US crude West Texas Intermediate earns $1, or 1.3%, at $78.48. Both referential they rose 3% on wednesday driven by optimism about the global economy.

The data of the US CPI, who will meet this Thursday, will have a big impact on oil and market in general, since they will determine the expectations about the speed of the interest rate hikes in the world’s largest economy.

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The economists expect rising core consumer prices to in the United States slows down to a annual rate of 5.7% in December, compared to 6% in the previous month. MoM inflation stands at zero.

The market is also preparing for a Brake additional of russian supply due to sanctions for his invasion of Ukraine.

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The US Energy Information Administration said the upcoming EU ban on maritime imports of petroleum products from Russia on February 5 could be more damaging than the EU ban on maritime imports of crude oil from Russia applied in December 2022.

For his part, from davos forum They warned that among the main challenges that the world will face in the coming years, inflation and climate change stand out, as factors that will aggravate social crises and food insecurity.

Source: Ambito

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