Oil prices ascended 2% on the prospect of more lenient US interest rate hikes
International benchmarks for crude oil settled higher on Tuesday, 11 April 2023 as investors expect the Federal Reserve to gradually eases the monetary tightening cycle
International benchmarks for crude oil settled higher on Tuesday, 11 April 2023 as investors expect the Federal Reserve to gradually eases the monetary tightening cycle, of which experts are widely anticipating just another 0.25% increase in key interest rate in May. However, the gains were capped by the weak Chinese economic data.
Brent crude settled up $1.43 or 1.7% at $85.61/barrel and West Texas Intermediate climbed higher at $1.79 or 2.2% to $81.53/barrel.