Oil prices rise slightly this Friday March 31, waiting for the key data on inflation in the United Stateswhich could give clues about future interest rate movements.
At the monthly level, Crude was headed for its worst result since November.
The futures of Brent, which is up nearly 6% this week, is up 18 cents, or 0.2%, at $79.45 a barrel. US crude West Texas Intermediate (WTI) It is up 52 cents, or 0.7%, at $74.89, having gained about 8% so far this week.
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However, contracts are heading for monthly falls of 5% and 3%respectively, after touching its lowest level since 2021 at the beginning of the month in the wake of the biggest bank failures since the 2008 financial crisis.
In general terms, oil prices have recovered from these lossesas concerns about a full-blown global banking crisis have subsided following the bailouts of banks in the US and Europe.
The markets are waiting for the figures of Personal Consumption Expenditure (PCE) Inflation of the United States, closely followed by the Federal Reserve.
Economists polled by Reuters expect core PCE index to decline to 0.4% in February from January and remains practically stable in annual terms at 4.7%.
On Thursday, the US House of Representatives passed a bill aimed at boost oil and gas production of the country, while reducing climate initiatives.
The Oil prices rose after producers shut down or cut output in various sites in the semi-autonomous region of the Kurdistanin northern Iraq, after the stoppage of the northern export pipeline.
The data on the crude oil inventories in the United States, that they reached its lowest level in two years, also sent a bullish signal. Prices have also been supported by increased Chinese manufacturing activity in March.
Source: Ambito
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