The oil prices They rose this Tuesday, January 10, when the United States Government forecast a record world consumption of crude oil for next year, while the dollar was at a seven-month low. Brent futures were up 86 cents, or 1.1%, at $80.40 a barrel as of 5:27 p.m. while US crude (WTI), used as a benchmark in Peru, gained $1.02, or 1.3%, to $75.45 a barrel.
Global consumption of liquid fuels is forecast to reach 102.2 million barrels per day by 2024, driven mainly by growth in countries such as India and China, reflecting trends in economic activity, the India Information Administration said. US Energy in its Near-Term Energy Outlook.
Markets also awaited clarity on the company’s plans. Federal Reserve (Fed) to raise interest rates after its chairman, Jerome Powell, avoided commenting on monetary policy and the economy at a symposium. Traders are now looking at Thursday’s Consumer Price Index (CPI) data for indications on the near-term outlook.
Thursday’s data “could easily clarify the direction of the financial and oil markets in the coming weeks,” said Tamas Varga of the PVM oil brokerage. Varga added that the dollar it would fall if inflation is below expectations or below the November reading. A weaker dollar may boost demand for oil, as US currency-denominated commodities become cheaper for holders of other currencies.
Fed Governor Michelle Bowman said the central bank will have to raising interest rates further to combat high inflation and that will likely lead to softer labor market conditions.
Both WTI and Brent rose 1% on Monday, after China, the world’s largest oil importer and second-largest consumer, opened its borders over the weekend for the first time in three years. China also issued a second batch of crude import quotas for 2023, raising the total for this year by 20% from last year.
With information from Reuters.
Source: Larepublica
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
