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Tuesday, March 21, 2023

Oil climbs on Russian crude cut announcements

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crude oil futures West Texas Intermediate (WTI) They are up $1.41, or 1.9%, at $75.39, after six sessions of losses.

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Russia plans to cut oil exports from their western ports by up to 25% in March, exceeding its announced production cuts of 500,000 barrels per day, which provided support for crude.

Both referentials recover the fall of the previous daywhen they lost more than 2 dollars, given the expectations of new increases in interest rates.

The minutes of the most recent meeting of the United States Federal Reserve showed on Wednesday that the majority of its members agrees that the risks of high inflation justified further rate hikes.

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Fed officials also suggested that a shift to smaller uploads it would allow them to calibrate more closely with the incoming data.

He dollar in the world It has strengthened against other currencies in recent weeks and even more so after the comments from the Federal Reserve, making oil more expensive for holders of other currencies.

Oil rises were also seen braking for the signs of further buildup of crude oil inventories in the United States, which increased 9.9 million barrels last week according to sources from the American Petroleum Institute.

The US crude inventories have risen every week since mid-Decemberstoking concerns about demand.

He benefit of the Italian oil and gas giant Eni doubled in 2022 to $14.6 billion, buoyed by energy prices that soared after the war broke out in Ukraine.

Source: Ambito

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