Brent, WTI Hike 

Brent, WTI Hike 
Brent, WTI Hike 

Oil prices rose on Wednesday as signs of slowing inflation in the United States eased fears that the world's largest oil user may face a recession because of further interest rate hikes and a weaker dollar supported some buying interest.
Brent crude futures gained 8 cents, or 0.1%, to $85.54 a barrel. reported. 
WTI crude futures rose 20 cents, or 0.2%, to $79.07 a barrel.
"Sentiment shifted amid a positive company reporting season. Signs of cooling inflation also raised expectations that the Fed will be able to pause rate hikes," ANZ commodities analyst said in a note.
Tamer rate hike expectations helped lower the dollar index, which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies.
All eyes will be on a meeting on Wednesday of the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, where producers are expected to endorse their current output targets agreed in November.
OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day below the group's targeted volumes under the OPEC+ agreement, a Reuters survey found.

Add new comment

Read our comment policy before posting your viewpoints