WTI crude futures were up more than 1% above $79 today. This was driven by tight oil market conditions. while the Organization of the Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus produce less oil than the specified quota
As of 8:21 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in February. Trading on the NYMEX was up $1.10, or 1.41%, to $79.33 a barrel.
OPEC Plus voted to increase oil production by 400,000 barrels per day in January. But some members include Nigeria and Libya. unable to produce oil according to the quota due to the problem of domestic production
In addition, oil prices were also positively affected by the dollar’s depreciation. This makes oil contracts cheaper for holders of other currencies.
Meanwhile, investors were eyeing the remarks from Federal Reserve Chairman Jerome Powell today, with Powell scheduled to express his vision. including his views on the US economy and the Fed’s monetary policy. to the Senate Banking Committee at 10:00 a.m. US time or 10:00 p.m.
The Senate is expected to endorse Powell’s appointment as Fed chairman for a second term, although some senators have objected.
Markets are keeping an eye on the American Petroleum Institute (API)’s release of US crude inventories today, while the U.S. Energy Information Administration (EIA) will release them tomorrow. Analysts expected US crude inventories to drop 2 million barrels last week. decreased for the 7th week in a row
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