2024-01-30 16:31:49
The price of WTI oil continues to rise. It recently surpassed the level of 77 dollars in response to the International Monetary Fund (IMF) increasing its global economic forecast for this year. This will be a factor supporting oil demand in the market.
At 11:12 p.m. Thai time, the price of West Texas crude oil (WTI) for delivery in March. added $0.81 or 1.04% to $77.59/barrel.
The IMF has revised up its global economic forecast for this year. It is expected to expand 3.1%, up from the October forecast of 2.9%, supported by strong expansion of the US economy. and China’s fiscal stimulus measures
Oil prices fell more than 1% initially following Hamas revealed it was considering a proposal for a ceasefire and the release of hostages in the Gaza Strip. This indicates that a diplomatic approach may help ease the conflict between Israel and Hamas.
Investors are keeping an eye on the Federal Reserve’s (Fed) monetary policy meeting this week, as investors are almost 100% on expectations that the Fed will hold interest rates steady at this meeting.
The market will also be keeping an eye on the American Petroleum Institute’s (API) crude oil stock release today ahead of the U.S. Energy Information Administration’s (EIA) release tomorrow.
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