Oil prices rose more than 3% during the day on Tuesday in global markets.
(Wall Street reacted higher to the fall in US inflation.)
The price of a barrel Brent oil For delivery in February, it ended on the London Futures Market at $80.71, up 3.59% from the end of the previous session.
North Sea Crude Oil, a benchmark in Europe, closed in today International futures contracts An increase of $2.80 from the last trade, when it closed at $77.91.
For its part, the price of Texas Intermediate (WTI) oil rose 3% on Tuesday and closed at $75.39 a barrel, driven by lower inflation in the United States.
At the end of trading on the New York Mercantile Exchange (Nymex), West Texas Intermediate crude futures for January delivery rose $2.22 from the previous day’s close.
(The annual US inflation rate fell to 7.1% in November.)
Crude oil rose from the first hour after it was learned that the inter-annual inflation rate in the US was 7.1% in November, compared to 7.3% estimated by analysts.
The data boosted markets as investors hope the Federal Reserve (Fed) will soon begin easing up on interest rate hikes, the central bank’s tool for fighting inflation.
Analysts expect the Fed to announce a 0.5% increase on Wednesday, Instead of the 0.75% that has been repeated at every meeting since March, which in February reduced the rise to 0.25%.
The rise in oil prices today is also linked to the depreciation of the dollar against other currencies, which makes purchases cheaper by foreign investors and increases their demand.
also, The US government will release weekly data on commercial crude oil reserves tomorrowInitial estimates indicate a decrease of about 4 million barrels.
Meanwhile, January natural gas futures rose 35 cents to nearly $6.94, and January gasoline futures rose 8 cents to $2.16 a gallon.
EFE
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