The price of Texas intermediate oil (WTI) opened on Wednesday with a rise of 1.39%, at $79.24 a barrel, a day on which investors will be awaiting the testimony of the president of the Federal Reserve, Jerome Powellbefore Congress.
At 9:00 a.m. local time (14:00 GMT), WTI futures contracts for delivery in April rose $1.09 compared to the close of the previous session.
The president of the US Federal Reserve (Fed), Jerome Powell, will appear this Wednesday before the Financial Services Committee of the House of Representatives to explain the regulator’s decisions on interest rates.
“If Powell’s comments are well received, the overall risk on money flows should support oil”says Tom Essaye and informs The Sevens Report.
Additionally, the U.S. Energy Information Administration will release its weekly crude oil stockpile data today. EFE (I)
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