Oil prices rise This Thursday, March 23, after touching its lowest level since the end of 2021 earlier in the week, after the president of the Federal ReserveJerome Powell, highlighted the credit risks of the banking sector and oil inventories will increase in the United States.
The futures of Brent are up 34 cents, or 0.4%, at $77.6 a barrel, while the West Texas Intermediate in the United States (WTI) were up 32 cents, or 0.4%, at $71.18.
Powell said on Wednesday that tensions in the banking sector could trigger a credit crunchwith “significant” implications for an economy that, according to the forecasts of the Fed authorities, will slow down this year even more than previously thought.
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The US crude oil inventories rose unexpectedly last week to reach its highest in almost two years, the latest data from the Energy Information Administration (EIA).
Crude inventories rose in the week to March 17 by 1.1 million barrels to 481.2 million barrels, their highest level since May 2021. Reuters analysts had expected a drop of 1.6 million. of barrels.
Besides, Goldman Sachs claimed that China’s demandthe world’s largest oil importer, kept increasing throughout the complex raw Materialswith a demand for oil that exceeded 16 million barrels per day.
The bank anticipates thatl Brent reaches 97 dollars per barrel in the second quarter of 2024.
Source: Ambito
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