Oil rose slightly in anticipation of rate decisions from major central banks
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Oil prices rebounded slightly on Tuesday after falling earlier, as investors remained cautious ahead of key decisions by the US Federal Reserve and other central banks.
It is reported Reuters.
How prices have changed
Brent crude futures were up 77 cents, or 1.1%, at $72.61 a barrel by 0640 GMT.
US West Texas Intermediate (WTI) crude rose 56 cents, or 0.8%, to $67.68 per barrel.
“Both benchmarks fell about $3 a barrel on Monday after analysts highlighted rising global supplies and concerns about rising demand ahead of key inflation data and the Fed’s two-day monetary policy meeting that ends on Wednesday,” the agency said. .
What affected the prices
Most market participants expect the US central bank to leave interest rates unchanged at its policy meeting. The Fed’s interest rate hike strengthened the dollar, making dollar-denominated goods more expensive for holders of other currencies and putting pressure on prices.
The European Central Bank is also expected to raise interest rates by another quarter of a percentage point on Thursday to curb persistent inflation. But the Bank of Japan, which will announce its plan on Friday, is expected to maintain its loose policy.
In China, disappointing economic data last week raised concerns about rising demand, offsetting a rise in prices on Saudi Arabia’s promise to cut more output in July.
The market is also awaiting demand forecasts from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), due later on Tuesday.
Economic truth
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