Oil edges up as markets assess global policy decisions

2023-02-02 18:53PM UTC

Oil prices rose marginally on Thursday under pressure from dollar while markets assess global monetary decisions this week by central banks. 


The Fed recently increased interest rates by 25 basis points to 4.75%, the highest since September 2007.


Fed Chair Jerome Powell touted the slowdown in consumer prices in recent months, and said the Fed will continue to take decisions every meeting based on the most recent data.


and in tandem, Bank of England and the European Central Bank both announced 0.5% rate hikes today.


Additionally, the Energy Information Administration reported an unexpected buildup in US crude stocks last week. 


Otherwise, the dollar index rose 0.4% to 101.6 as of 18:23 GMT, with a session-high at 101.9, and a low at 100.8. 


US crude futures due in March rose 0.5% to $76.8 a barrel as of 18:39 GMT. 


Brent April futures rose 0.3% to $83.1 a barrel. 

Commodities News

Oil News


Oil extends gains, US crude clocks in 4.5%% weekly profit
2024-03-01 22:08PM UTC
Oil prices advanced on Friday as investors await OPEC+ decisions on supplies, expected to extend ...
Oil News


Oil prices scale 4-month high on speculation about OPEC+ cuts
2024-03-01 13:32PM UTC
Global oil prices rose in European trade on Friday on track for the second straight session, with ...
Silver News


Silver on track for seconc weekly loss in a row
2024-03-01 09:41AM UTC
Silver prices fell in European trade on Friday, resuming losses and approaching two-week lows, ...

Commodities Technical Analysis

Oil Analysis


Evening update for Crude oil price 01-03-2024
2024-03-01 17:10PM UTC
Crude oil price traded with strong positivity to surpass our first waited target at 80.00 and open ...
Brent oil Analysis


Midday update for Brent oil 01-03-2024
2024-03-01 10:40AM UTC
Brent oil price shows positive trades now to test the sideways range’s resistance line that ...
Oil Analysis


Midday update for Crude oil 01-03-2024
2024-03-01 10:40AM UTC
Crude oil price leaned on 78.25 level and bounced upwards strongly to breach 78.75 and confirm ...