(August 10) The price of crude oil rose in the global market. After the release of positive economic data and officials from the Federal Reserve (Fed) indicated a cut in interest rates as early as next September. However, conflicts in the Middle East continue to increase the risks to oil supplies.
West Texas Intermediate crude for September delivery rose 65 cents, or 0.85%, to close at $76.84 a barrel.
Brent crude oil for October delivery rose 50 cents, or 0.63%, to close at $79.66 a barrel.
If you look at it over the week, WTI crude futures are up more than 4%, while Brent crude futures are up more than 3.5%.
Mr. Dennis Kessler, Senior Vice President of Trade at Bank of Khartoum Finance revealed that crude oil prices are going through a recovery phase. Because geopolitical tensions are still a positive factor. Concerns about recession have also receded, at least for the time being.
Meanwhile, three Federal Reserve policymakers said Thursday they are more confident that inflation is falling enough to justify a rate cut, and larger-than-expected declines in U.S. jobless claims are also supporting the recovery.
In addition, the oil market received support from the release of information from the Chinese Bureau of Statistics which stated that China's consumer price index rose more than expected in July.