Brent futures rose 0.4% to $80.41 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude rose 0.3% to $75.97 a barrel.
Brent rises and touches maximums in almost three months.
oil prices go up this Thursday, July 13, and they reach their highest in almost three months. In addition, in this way, they establish themselves above US$80. This happens after knowing the inflation data in the United States who implied that the interest rates in the world’s largest economy they are close to their maximum level.
The futures of Brent advance 0.4% to $80.41 a barrel. Meanwhile, US crude West Texas Intermediate (WTI) scale a 0.3%to $75.97 a barrel.
A report published yesterday showed that US consumer prices rose modestly in June and registered their smallest annual increase in more than two yearsWhile the inflation continues to slow.
Markets expect another rate hike before the cycle of increases peaks. Some taller guys can slow down economic growth and reduce demand for oil.
The forecasts of the United States Energy Information Administration (EIA) and the International Energy Agency (IEA) point to a market tightening until 2024.
Crude prices gained about 12% in two weeksespecially in response to supply cuts from major producersSaudi Arabia and Russia, said Craig Erlam, senior market analyst at OANDA.
Saudi Arabia, the top oil producer, pledged last week to extend a production cut of 1 million barrels per day (bpd) in August.while Russia will reduce its exports by 500,000 bpd.
“It would not be surprising to take profits at these levelsand it could have happened sooner if it weren’t for the US consumer price inflation data,” he said.
The structure of the Brent futures contracts indicates that the market is tightening and? OPEC could be succeeding in its mission to support the market.
Source: Ambito
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