WTI crude oil continues to rise Recently, it rose almost 2%, breaking through the $83 level after the United States revealed lower than expected inflation numbers. This will slow down the increase in the interest rate by the United States Federal Reserve (Fed).
At 11:10 pm Thai time, the West Texas Crude Oil Contract (WTI) is due for delivery in May. which traded on the NYMEX plus $ 1.60, or 1.96%, to $ 83.13 / barrel.
The market is also positive of the depreciation of the dollar. This will make the contract more attractive. By making oil contracts cheaper for holders of other currencies.
In addition, oil prices were driven by expectations that China will take steps to stimulate the economy. After inflation fell to its lowest since September 2021 which shows weak demand.
Oil prices were unaffected by US Energy Information Administration (EIA) data that US crude inventories rose by 600,000 barrels last week. This was the first increase in three weeks.
Investors are keeping an eye on the Oil Market Reports of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), which will be released on Thursday and Friday respectively.
