Oil rose another 2% on cooling US inflation data.
The market has been expecting the FED to gradually ease the monetary tightening cycle, which was introduced in 2022 to curb the raging inflation.
International benchmarks for crude oil jumped another 2% on Wednesday, 12 April 2023 as cooling US inflation data fuelled expectations that the Federal Reserve would be less hawkish in the next interest rate meeting in May. The market has been expecting the FED to gradually ease the monetary tightening cycle, which was introduced in 2022 to curb the raging inflation.
Brent crude notched $1.72 or 2.01% at $87.33/barrel, the highest since late January. On the other hand, U.S. West Texas Intermediate increased $1.73 or 2.1% to $83.26, its steepest in five months.