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Crude oil added more than 1%, feasting on a weaker US dollarCrude oil added more than 1%, feasting on a weaker US dollar |
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International benchmarks for crude oil continued to climb higher on Thursday, 12 January 2023 on the merging effects of the weakening US dollar and the shifting focus to the brightening global demand outlook. The latest CPI data showed inflation in the US has eased, bolstering expectations for a less aggressive FED with the interest rate hikes ahead.
Brent crude rose $1.36 per barrel or 1.7% to settle at $84.03 per barrel.
US West Texas Intermediate crude gained 1.3%, equivalent to 98 cents, and settled at $78.39 per barrel.
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Reported by:
Nurain Rose
