WTI crude futures rose more than 1% to $78, supported by a variety of market factors.
At 12:32 Thai time, West Texas Crude Oil (WTI) contracts for delivery in March. Which trades on the NYMEX plus $ 0.82, or 1.05%, to $ 78.72 / barrel.
Oil prices benefited from the depreciation of the dollar. This will make the contract more attractive. By making oil contracts cheaper for holders of other currencies. Including from the forecast that the Federal Reserve (Fed) is slowing raising interest rates. After economic figures show that inflation has peaked
In addition, the market was driven by the opening of China. While tomorrow’s meeting of the Joint Ministerial Scrutiny Committee (JMMC) of the Petroleum Exporting Countries and Allies (OPECPlus) is expected to decide whether OPECPlus maintains its current policy of cutting production by 2 million barrels per day until the end of 2023
At the same time, the market is keeping an eye on US crude stocks. The American Petroleum Institute (API) will be released today. Before the US Government’s Energy Information Administration (EIA) reveals tomorrow.
