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[ad_1] Last Updated: July 13, 2023, 02:10 IST New York, United States of America (USA) A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. (Reuters File Photo) Oil prices rise on U.S. inflation data, fueling hopes of fewer interest rate hikes. Brent futures breach $80 a barrel, signaling market optimism Oil prices settled higher on Wednesday, with benchmark Brent futures breaching $80 a barrel for the first time since May, after U.S. inflation data spurred hopes the Federal Reserve may have fewer interest rate hikes in store for the world’s biggest economy. U.S. data showed consumer prices rose modestly in June and registered their smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it. Higher rates can slow economic growth and reduce oil demand. “This is the lowest number since the pandemic … but it is important to keep in mind that this is still a transitory situation. But ...

[ad_1] Last Updated: July 12, 2023, 01:25 IST New York, United States of America (USA) A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. (Reuters File Photo) Oil prices surge 2% on falling dollar, demand hopes, and supply cuts. Brent settles at highest since April, WTI at highest since May Oil prices jumped on Tuesday, settling up about 2%, boosted by a falling U.S. dollar, hopes for higher demand in the developing world and supply cuts by the world’s biggest oil exporters. Brent futures rose $1.71, or 2.2%, to settle at $79.40 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.84, or 2.5%, to settle at $74.83. Brent’s settlement was its highest since April 28 and WTI’s since May 1. Brent was in technically overbought territory for the second time in three days. “The break of the recent high could be viewed as a bullish step that could give (Brent) the momentum to break back above $80," said Craig Erlam, a senior market analyst at OA...

[ad_1] Last Updated: July 08, 2023, 01:27 IST New York, United States of America (USA) Oil analytics firm Vortexa said there are currently 10.5 million barrels of Saudi crude in floating storage off the Egyptian Red Sea port of Ain Sukhna, down by almost half from mid-June. (Photo: Reuters) Oil prices surge to a nine-week high as supply concerns and technical buying outweigh fears of interest rate hikes, driving demand for oil Oil prices climbed about 3% to a nine-week high on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. Brent futures rose $1.95, or 2.6%, to settle at $78.47 a barrel, while U.S. West Texas Intermediate crude (WTI) rose $2.06, or 2.9%, to settle at $73.86. That was the highest close for Brent since May 1 and WTI since May 24. Both benchmarks ended up about 5% for the week. “We’re knocking on the door of a major breakout to the upside. I think you’re seeing so...

[ad_1] Last Updated: June 29, 2023, 01:58 IST New York, United States of America (USA) Some analysts expect the market to tighten in the second half, citing ongoing supply cuts by OPEC+, the OPEC and allies like Russia, and Saudi Arabia’s voluntary reduction for July.(Reuters File Photo) Brent futures rose $1.77, or 2.5%, to settle at $74.03 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.86, or 2.8%, to settle at $69.56 Oil prices climbed about 3% on Wednesday as the second straight weekly draw from U.S. crude stockpiles was bigger than expected, offsetting worries that further interest rate hikes could slow economic growth and reduce global oil demand. Brent futures rose $1.77, or 2.5%, to settle at $74.03 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.86, or 2.8%, to settle at $69.56, narrowing Brent’s premium over WTI to its lowest since June 9. The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in th...