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Oil market shrugged off US crude inventories data to climb higherInternational benchmarks for crude oil climbed higher on Wednesday, 8 February 2023 as investors shrugged off the EIA report of the 2.4 million barrels built up in the US commercial crude inventories |
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International benchmarks for crude oil climbed higher on Wednesday, 8 February 2023 as investors shrugged off the EIA report of the 2.4 million barrels built up in the US commercial crude inventories as well as the 5 million barrels of motor gasoline. Risk appetite spiked after the FED signalled a less hawkish stance in the next interest rate hike.
Brent added $1.40 or 1.7% to settle at $85.09/barrel.
WTI gained $1.33 or 1.7% to close at $78.47/barrel.
