WTI crude futures rose above $74 as investors watched tonight’s Personal Consumption Expenditure (PCE) price index and the Petroleum Exporting Countries (OPEC) meeting and its allies. or OPEC Plus next week
At 7:21 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in May. which traded on the NYMEX plus $ 0.49, or 0.66%, to $ 74.85 / barrel.
WTI oil prices rose 8% this week, but dropped 3% in March after plunging to their lowest level since 2021 earlier in the month. Amid concerns about the US banking crisis
Investors are keeping an eye on the PCE Index, a gauge of inflation focused on by the Federal Reserve (Fed), which can detect changes in consumer behavior. and covers a broader range of prices for goods and services than the Consumer Price Index (CPI) data.
In addition, the market is keeping an eye on the board meeting of OPEC Plus on April 3, while the source said. OPEC Plus is likely to maintain its oil production policy by reducing output by 2 million barrels per day until the end of 2023.
