Increase in Brent crude oil barrel price
The price of a barrel of Brent crude oil is trading at $82.16 in international markets.
As of 09:18 today, the price of a barrel of Brent crude oil rose by 0.20 percent compared to the closing price, reaching $82.16.
At the same time, a barrel of West Texas Intermediate (WTI) crude oil was finding buyers at $77.14.
Oil prices rose ahead of the US inflation report, which is expected to help shape the Federal Reserve's (Fed) interest rate outlook and determine the timing of interest rate cuts.
Investors are awaiting the US Consumer Price Index for January, which will be released later today. Recent data released in the US, the world's largest oil-consuming country, indicates that the national economy is performing well, which also supports the upward movement of oil prices.
News Source: AA
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