The market is awaiting the CPI numbers in the US
Oil prices fell in early trading today, Wednesday, after sector data showed a sudden increase in US crude inventories, while investors await US inflation data for the month of April, which may give an indication of the upcoming Federal Reserve (US Central Bank) decision on interest rates.
Brent crude fell 58 cents to $76.86 a barrel at 04:15 GMT, and US West Texas Intermediate crude fell 56 cents to $73.15, trimming the previous session’s gains.
In a possible sign of weak demand, US crude inventories rose by 3.6 million barrels in the week ending May 5, while gasoline stocks rose by 399 thousand barrels, according to the American Petroleum Institute on Tuesday, according to market sources, quoting Reuters.
US government data on oil inventories is scheduled for release on Wednesday.
Meanwhile, the market is awaiting the US CPI figures for April, which are due to be released on Wednesday.
New York Federal Reserve Chairman John Williams said inflation remains very high and the central bank would raise interest rates again if necessary.
The markets were also watching the statements of US President Joe Biden and senior Republican lawmakers regarding raising the US debt ceiling of $ 31.4 trillion, for fear of an unprecedented default if Congress did not act within three weeks.
2023-05-10 04:30:00
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