Oil prices surged more than 3% on bullish demand outlook, supply concerns
International benchmarks for crude oil jumped more than 3% on Tuesday, 7 February 2023 after the FED eased the market’s concerns over interest rate hikes.
International benchmarks for crude oil jumped more than 3% on Tuesday, 7 February 2023 after the FED eased the market’s concerns over interest rate hikes. Meanwhile, Saudi Arabia lifted crude prices to Asian buyers for the first time in six months on the bullish expectations over the demand recovery in China. Meanwhile, Turkey halted operations at an oil export terminal in Ceyhan following a major earthquake in the region.
Brent jumped $2.70 or 3.3% to close at $83.69/barrel.
WTI rose $3.03 or 4.1% to close at $77.14/barrel.