The prices of Petroleum They rose this Wednesday, March 22, close to a 2%reaching one week highsdespite a surprise weekly rise in crude oil inventories in the United States, while the dollar fell to six-week lows After the Federal Reserve from United States announced an expected rate hike.
The futures of Brent rose $1.37, or a 1.8%to $76.69 a barrel, while US crude West Texas Intermediate (WTI) went up $1.23, or a 1.8%to $70.90. Was the higher close for both crude oil references from March 14.
The Federal Reserve raised interest rates a quarter of a percentage point, but indicated that it is about to pause on further increases in borrowing costs amid recent turmoil in financial markets spurred by the collapse of two US banks.
“The 25 point rate hike today by the Federal Reserve did not bring surprisesbut the accompanying language caused some increase in appetite because of the risk that easily shifted into the oil space,” analysts at energy consultancy Ritterbusch and Associates told clients in a note.
He US dollar fell to its lowest level since February 2 against a basket of other currencies, supporting demand for oil by making crude cheaper for buyers using other currencies.
The United States Energy Information Administration (EIA) said crude oil reserves increased 1.1 million barrels last week to a maximum of 22 months.
Analysts polled by Reuters had forecast a drop of 1.6 million barrels. “We have a lot of crude oil stored and it’s not going away anytime soon,” he said. Bob Yawger from Mizuho.
Source: Ambito
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