WTI crude futures rose more than 2% to $69 as investors fueled speculation. following the price plummeted earlier Amid concerns regarding stability in the banking system
In addition, oil prices were supported by the weakening of the dollar. This will increase the attractiveness of the contract. By making oil contracts cheaper for holders of other currencies.
At 9:12 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in April. Which traded on the NYMEX plus $ 1.71, or 2.53%, to $ 69.35 / barrel.
Investors ease concerns regarding the crisis in the US banking system. US Treasury Secretary Janet Yellen said the US banking system was stable. After the US government issued measures to increase liquidity earlier. and the government is ready to take more action If the crisis spreads out
Investors are keeping an eye on the US Federal Reserve (Fed), which starts its monetary policy meeting today. and will announce the result of the meeting tomorrow
Survey results, most analysts believe. The Fed will raise interest rates by 0.25% in this round of meetings. This will show the Fed’s confidence that it can handle the current crisis in the banking system. And the Fed will continue to focus on curbing inflation. Despite signs of slowing down But it’s still above the Fed’s 2% target.
Meanwhile, markets are keeping an eye on the American Petroleum Institute (API) crude stocks release today, while the US Energy Information Administration (EIA) release tomorrow.
