After rising to as high as $82.84 yesterday, the price per barrel of Brent crude oil closed the day at $81.91. As of 09:55 today, the price per barrel of Brent crude oil increased by 0.31 percent compared to the closing price, reaching $82.17. At the same time, West Texas Intermediate (WTI) crude oil was trading at $78.45 per barrel.
The rise in prices was driven by expectations that oil demand will increase in the world's largest oil-consuming country, following data indicating a slowdown in the core personal consumption expenditures price index, which the US Federal Reserve (Fed) uses as an inflation indicator.
Analysts stated that the inflation indicator, which continues to slow down and aligned with expectations, has increased the likelihood that the Fed could cut interest rates in the first half of the year.
Expectations that the Organization of the Petroleum Exporting Countries (OPEC) will extend its production cuts into the second quarter of this year also contributed to the price increases.
News Source: AA
