WTI crude futures rose more than 1% to $82 after the US released lower-than-expected inflation numbers. This will slow down the increase in the interest rate by the United States Federal Reserve (Fed).
At 8:53 pm Thai time, the West Texas Crude Oil Contract (WTI) is due for delivery in May. Which trades on the NYMEX plus $ 1.08, or 1.32%, to $ 82.61 / barrel.
Investors weighed on expectations that the Fed will raise interest rates by 0.25% at its meeting in May. After revealing lower than expected inflation numbers today
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.
Markets are keeping an eye on the US Energy Information Administration’s (EIA) crude inventory release after the American Petroleum Institute (API) said crude inventories rose by 380,000 barrels last week. Analysts were expecting a fall of 600,000 barrels.
Investors will also keep an eye on oil market reports from the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), which will be released on Thursday and Friday respectively.
