Oil climbed on calmer US inflation data; eased concern of extended FED rate lifts
International benchmarks for crude oil rose slightly on Wednesday, 12 July 2023, as US inflation data raised optimism that fewer interest lifts may be in line for the remainder of the year.
International benchmarks for crude oil rose slightly on Wednesday, 12 July 2023, as US inflation data raised optimism that fewer interest lifts may be in line for the remainder of the year. US consumer data for June went up minutely and registered the smallest annual increase in more than two years.
Naeem Aslam of Zaye Capital Market talking about the inflation numbers added, “This is the lowest number since the pandemic, but it is crucial to note that this is still a transitory situation. But overall, trades are encouraging.” Market analysts pin one more interest rate rise for the year but largely hope that may be the final straw.
Brent crude went up by 71 cents or 0.9% at $80.11/barrel. The first time breaching above the $80/barrel mark since May.
US West Texas Intermediate clocked up 92 cents or 1.2% at $75.75/barrel.