Oil market jumped more than 3% despite sharp increases in US crude stocks
Oil market jumped more than 3% despite sharp increases in US crude stocks
The crude oil market rose to the highest levels in a week on Wednesday, 11 January 2023, shrugging off the latest EIA report on the 19 million barrels built-up in the US commercial crude inventories last week. Investors heavily focused on the potential impacts of the European Union (EU) sanctions on Russian crude oil exports effective February. The market was betting on the easing US Consumer Price Index (CPI) – an indicator that the FED might be less hawkish in the next interest rate hike.
Brent futures rose $2.57 or 3.2%, bringing it to $82.67/barrel,
US West Texas Intermediate (WTI) were up $2.29 or 3.1% to $77.41/barrel.
Reported by: Kanessha Ramakrishnan