Brent crude exceeded $80 a barrel today, Wednesday, supported by China’s pledge to support economic growth and expectations that the Federal Reserve (the US central bank) will soon stop raising interest rates.
By 13:25 GMT, Brent crude futures prices rose 63 cents to $80.26 a barrel, and West Texas Intermediate crude futures rose 51 cents to $76.26 a barrel.
China’s National Development and Reform Planning Commission on Tuesday pledged to draw up policies to “restore and expand” consumption in the world’s second-largest economy, which could boost demand for oil.
A report released on Tuesday in the US showed retail sales rose less-than-expected in June, reinforcing expectations that the Federal Reserve will stop raising interest rates.
In another positive sign, European Central Bank Governing Council member Claes Nott indicated on Tuesday that a rate hike after its meeting next week is “by no means certain”.
On the supply side, data from the American Petroleum Institute showed that crude oil, gasoline and distillate inventories fell last week.
At the same time, the Russian Energy Ministry said that Russia is expected to reduce its oil exports by 2.1 million metric tons in the third quarter of the year, in line with a planned voluntary cut in exports by 500,000 barrels per day in August.
2023-07-19 14:44:03
#Oil #prices #exceed #barrel #supported #easing #interest #concerns
