Oil achieves strong gains supported by a decline in inventories and a decline in the dollar

Oil prices rose yesterday, Thursday, continuing the gains they began in the previous session, supported by a larger-than-expected weekly decline in US crude inventories and a decline in the dollar after the Federal Reserve (the US central bank) hinted that it would begin reducing borrowing costs in 2024. Brent crude futures rose 1.37 Dollars, equivalent to 1.84%, to $75.63 per barrel by 09:53 GMT, while US West Texas Intermediate crude increased $1.25, or 1.80%, to $70.72. “Crude oil prices rebounded before the Federal Reserve meeting, and rebounded further afterward,” Tina Teng, an analyst at CMC Markets, said in a note to clients. Yesterday, the dollar fell to a new four-month low after the US Federal Reserve’s latest economic forecasts indicated that the cycle of raising interest rates and reducing borrowing costs in 2024 has ended.