WTI crude futures rose more than 1% to $ 82 after the US released lower-than-expected inflation numbers. This will slow down the interest rate hike by the US Federal Reserve (Fed).
At 8:53 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in May. Which traded on the NYMEX plus $ 1.08, or 1.32%, to $ 82.61 / barrel.
Investors weighed on expectations that the Fed will raise interest rates 0.25% at its May meeting. After revealing lower-than-expected inflation numbers today
The market was also positive from the dollar’s depreciation. This will increase the attractiveness of the contract. By making oil contracts cheaper for holders of other currencies.
In addition, oil prices were driven by expectations that China will take measures to stimulate the economy. After inflation fell to its lowest since September 2021 which indicates weak demand.
Markets are keeping an eye on the U.S. Energy Information Administration’s (EIA) crude inventory release after the American Petroleum Institute (API) said crude inventories rose 380,000 barrels last week. Analysts expected a drop of 600,000 barrels.
Investors will also be keeping 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.