Oil edges up as markets assess global policy decisions

Economies.com
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. 

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