The expectations of more moderate rate hikes in the United States They helped lower the dollar index, which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, he said. Stephen Brennock, MVP analyst. The Federal Reserve is expected to make its decision this afternoon.
I followed the price of the blue dollar, official, CCL and MEP in Argentina
US inventories of crude oil, gasoline and distillates rose last week, the Energy Information Administration reported on Wednesday. They grew by 4.1 million barrels in the week ended January 27, to 452.7 million, compared to the expectations of analysts in a Reuters poll who expected an increase of 0.4 million barrels.
Crude stocks at the Cushing, Oklahoma, distribution center rose by 2.3 million barrels last weekaccording to the EIA.
Inventories of gasoline in the United States increased by 2.6 million barrels for the week, to 234.6 million barrels, according to the EIA, compared to analyst expectations for a rise of 1.4 million barrels.
In parallel, the main ministers of the OPEC+ kept oil production policy unchangedkeeping cuts agreed last year against a background of hopeful growth in Chinese demand and uncertain prospects for Russian supply.
The ministers reviewed the production figures and “reaffirmed their commitment” to the agreement in force until the end of 2023, OPEC said in a statement after the meeting. The message was that the OPEC+ will stay the course until the end of the agreement and that the group is in “mute mode”a source told Reuters.
The ministers did not discuss the outlook for Chinese demand or Russian supply, other OPEC+ sources said. Moscow’s exports of petroleum products will be subject from February 5 to a ban by the European Union and a price cap by the G7. In addition, agreed cut its production target by 2 million barrels per day, about 2% of global demand, from November last year to the end of 2023 to support the market.
Source: Ambito
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