2023-07-14 05:13:00
US crude futures rose 0.5% to $77.24
Tokyo – Archyde.com
Posted on: July 14, 2023: 09:13 AM GST Last updated: July 14, 2023: 09:42 AM GST
Oil prices rose today, Friday, supported by the scarcity of supply amid tension in Libya and Nigeria and the decline in the pace of inflation in the United States, which markets hope will put an end to raising interest rates in the largest economy in the world.
Brent crude futures rose 27 cents, or 0.3%, to $81.63 a barrel by 00:28 GMT.
US West Texas Intermediate crude futures rose 35 cents, or 0.5%, to $77.24.
Consumer prices in the United States rose slightly in June, posting the lowest annual rate of increase in more than two years, as inflation continued to ease.
Producer prices also rose slightly in June, the annual increase being the smallest in nearly three years.
Both indicators give markets hope that the US Federal Reserve is closer to ending its fastest tightening cycle since the 1980s.
“Positive risk sentiment has swept through the markets, driven by more data showing a slowdown in US price pressures, raising hopes that the Federal Reserve may have just one more time to finish its rate hike cycle,” ANZ said in a note to clients on Friday. Benefit”.
On Thursday, a number of oil fields in Libya were shut down as a local tribe protested the kidnapping of a former minister. Separately, Shell halted shipments of Nigerian Fourcados crude oil due to a possible leak at a terminal.
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