Investing.com UK on Nostr: Oil prices rise as dollar dips ahead of CPI data; US inventories shrink ========== ...
Oil prices rise as dollar dips ahead of CPI data; US inventories shrink
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Oil prices rose in Asian trade as weakness in the dollar ahead of key U.S. inflation data benefited price, while bets on tighter global supplies remained in play. Brent Oil Futures rose 0.7% to $85.74 a barrel, while West Texas Intermediate crude futures rose 0.8% to $81.69 a barrel. The weaker dollar, as the greenback retreated after Federal Reserve Chair Jerome Powell flagged said the U.S. economy was still headed for a soft landing. Official data showed that U.S. oil inventories unexpectedly shrank in the week to July 5, amid increased demand due to summer holiday travel. The Organization of Petroleum Exporting Countries maintained its forecast for relatively strong global oil demand growth in 2024 and 2025.
#OilPrices #Dollar #CpiData #UsInventories #BrentOilFutures #WestTexasIntermediateCrudeFutures #FederalReserve #JeromePowell #Opec
https://uk.investing.com/news/commodities-news/oil-prices-rise-as-dollar-dips-ahead-of-cpi-data-us-inventories-shrink-3585239
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Oil prices rose in Asian trade as weakness in the dollar ahead of key U.S. inflation data benefited price, while bets on tighter global supplies remained in play. Brent Oil Futures rose 0.7% to $85.74 a barrel, while West Texas Intermediate crude futures rose 0.8% to $81.69 a barrel. The weaker dollar, as the greenback retreated after Federal Reserve Chair Jerome Powell flagged said the U.S. economy was still headed for a soft landing. Official data showed that U.S. oil inventories unexpectedly shrank in the week to July 5, amid increased demand due to summer holiday travel. The Organization of Petroleum Exporting Countries maintained its forecast for relatively strong global oil demand growth in 2024 and 2025.
#OilPrices #Dollar #CpiData #UsInventories #BrentOilFutures #WestTexasIntermediateCrudeFutures #FederalReserve #JeromePowell #Opec
https://uk.investing.com/news/commodities-news/oil-prices-rise-as-dollar-dips-ahead-of-cpi-data-us-inventories-shrink-3585239