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