WTI crude futures rose more than 1% to $75 amid concerns about tight oil. after Turkey ordered the closure of the port of Jehan after the great earthquake
At 10:03 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in March. Which traded on the NYMEX plus $ 1.25, or 1.69%, to $ 75.36 / barrel.
Jayhan Port is a mega port exporting more than 1 million barrels of crude oil per day in January. or 1% of the world’s crude oil supply. And most of it is sent to oil refineries in Europe.
In addition, oil prices have been boosted by China’s opening up. This will support domestic oil demand.
Investors have been following comments from Federal Reserve Chairman Jerome Powell for signs of the Fed’s interest rate direction. He is due to speak at a forum hosted by the Economic Club of Washington later tonight.
Meanwhile, markets are keeping an eye on the American Petroleum Institute (API) US crude stocks release today, while the US Energy Information Administration (EIA) will release tomorrow.