Oil prices rose yesterday, with market participants evaluating the “OPEC +” decision to reduce production, which would reduce supplies in the market, in light of expectations about raising interest rates by the US Federal Reserve, as Brent crude rose 60 cents to $ 84.78 a barrel, While West Texas Intermediate crude rose 67 cents to $80.41 a barrel.
Oil futures have increased by more than 5%, since the “OPEC +” group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, announced last week a new round of production cuts, starting next May.
As for supply in the United States, US crude inventories data is scheduled to be released at a later time, with expectations that crude inventories declined by 1.3 million barrels on average during the week ending on the seventh of April.
The US inflation report is due out today and is also expected to help investors determine the path of interest rates in the short term.
Investors are awaiting this week a set of reports about inflation, supply and demand in the oil market, which may determine the direction of the market.
Okaz (Jeddah) @okaz_online