2023-07-01 02:04:37
Economic news6:44p.2023-07-01
West Texas Intermediate (WTI) crude futures in New York ended higher on Friday (June 30), supported by easing inflationary pressures in the United States. And investors want to invest more in risky assets.
WTI crude oil contract for August delivery It was up 78 cents, or 1.12%, at $70.64 a barrel.
Brent Crude Oil Contract (BRENT) for August Delivery It was up 56 cents, or 0.75%, at $74.90 a barrel.
in the month of June WTI and Brent crude futures rose 3.8% and 3.1%, respectively, but prices fell 6.7% and 6.1% in the second quarter, respectively.
The oil market is boosted. The Commerce Department said on Friday that its headline PCE index, which includes food and energy, rose 3.8 percent in May from 4.3 percent in April. The headline rose 0.1% in May from 0.4% in April.
As for the core PCE index, which excludes the food and energy sectors. It is the Fed’s primary focus on inflation, rising 4.6 percent in May year on year. The core PCE rose 0.3%, in line with analysts’ expectations, from 0.4% in April. Nov.
The PCE Index is considered a gauge of inflation that can detect changes in consumer behavior. and covers a broader range of prices for goods and services than the Consumer Price Index (CPI).
The oil market was also boosted by a survey by the University of Michigan indicating that The US consumer confidence index rebounded to 64.4 in June, the highest level in four months, and beat analysts’ expectations of 63.9 from 59.2 in May.
Signs of slowing inflation will reduce pressure on the Federal Reserve to continue raising interest rates in the coming months, despite Fed Chairman Jerome Powell’s recent comments that Support for further interest rate hikes
Vladimir Cernov, an analyst at market intelligence firm FX Empire, said: Oil market rises Because investors want to invest more in risky assets.
Mr Cernov also stated that The depreciation of the dollar also helped the oil market. A weak dollar made crude oil contracts priced in dollars cheaper. And more interesting for holders of other currencies.
The dollar index, which measures the greenback once morest a basket of six major currencies, was down 0.42 percent to 102.9125.
By InfoQuest News Agency (01 July ’23)
Tags: WTI oil, crude oil, oil price
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