当前位置：新闻动态
Oil prices increase after buoyant US employment numbers
来源：shippingazette 编辑：编辑部 发布：2023/03/17 09:51:53
OIL prices recently rose one per cent, thanks to better-than-expected US employment data, reported Reuters.
However, both benchmarks suffered a decline of three per cent for the week due to concerns over a potential US interest rate hike.
Brent crude increased to US$1.19, equivalent to 1.5 per cent, reaching $82.78 per barrel.
Meanwhile, US West Texas Intermediate crude (WTI) rose 96 cents, or 1.3 per cent, reaching $76.68.
Expectations of further rate hikes in the US and Europe have dampened the outlook for global growth, resulting in a fall in both crude benchmarks this week.
Despite this, the US Federal Reserve may not need to raise interest rates as aggressively as previously thought following a government report indicating a possible easing of inflation.
The report suggests that the Covid crisis-disrupted labour market is normalising.
The central bank's next monetary policy meeting is set for March 21-22.
"Oil prices are fluctuating wildly on renewed fears of Fed interest rate increases," said Price Group analyst Phil Flynn.
A strengthening dollar is also making oil more expensive for holders of other currencies.
However, both benchmarks suffered a decline of three per cent for the week due to concerns over a potential US interest rate hike.
Brent crude increased to US$1.19, equivalent to 1.5 per cent, reaching $82.78 per barrel.
Meanwhile, US West Texas Intermediate crude (WTI) rose 96 cents, or 1.3 per cent, reaching $76.68.
Expectations of further rate hikes in the US and Europe have dampened the outlook for global growth, resulting in a fall in both crude benchmarks this week.
Despite this, the US Federal Reserve may not need to raise interest rates as aggressively as previously thought following a government report indicating a possible easing of inflation.
The report suggests that the Covid crisis-disrupted labour market is normalising.
The central bank's next monetary policy meeting is set for March 21-22.
"Oil prices are fluctuating wildly on renewed fears of Fed interest rate increases," said Price Group analyst Phil Flynn.
A strengthening dollar is also making oil more expensive for holders of other currencies.