On Friday, oil prices continued to rise as the likelihood of a decline in Russian supplies partially offset rising US inventories. Brent crude futures rose 66 cents, or 0.8%, to $82.87 a barrel. WTI crude oil futures rose 62 cents, or 0.8%, to $76.01.
On Russia’s plans to cut oil shipments from its western ports by as much as 25% in March, exceeding its planned production cuts of 500,000 barrels a day, benchmarks ended the previous session nearly 2% higher. tall.
The US inventory level is the highest since May 2021. According to data from the US Energy Information Administration (EIA), US crude oil reserves increased by 7.6 million barrels to approximately 479 million barrels for the week ending February 17.
After falling about 4% the week before, oil prices are marginally lower for the week, pressured by concerns about rising interest rates that would boost the dollar and reduce gasoline consumption.
The likelihood of further rate hikes helped the DXY Dollar Index, which was poised to post gains for a fourth straight week. The index is now up around 2.5% month-to-date. Currency holders must pay more for commodities when the dollar is strong.
Oil rises on concerns of a Russian supply cut, but rising US inventories weigh
The next inflation report will be the main topic of discussion at the end of the week. Will the market be more choppy because of the Fed’s potential for further tightening? questioned OANDA analyst Edward Moya.
On Friday, oil prices continued to rise as the likelihood of a decline in Russian supplies partially offset rising US inventories.
ANZ analysts say supply-side reports were better this week, lowering oil prices slightly. The previous week’s decline was smaller on fears of rising interest rates and a buildup in US crude supplies.
Most officials still think that inflation and the labor market are a problem. They think the government should do more to control prices and the economy.
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