Oil prices rose slightly this Tuesday (10), with the US government predicting a record global consumption of the commodity next year and with the dollar oscillating at seven-month lows.
Global consumption of liquid fuels is forecast to reach 102.2 million barrels per day in 2024, driven primarily by growth in countries such as India and China, reflecting trends in economic activity, the US Energy Information Administration said.
Brent futures were up $0.45, or 0.6%, to settle at $80.10 a barrel, while U.S. crude rose $0.49, or 0.6%, to settle at $75.12 a barrel. barrel.
Markets were also awaiting clarification on the US Federal Reserve’s plans to raise interest rates after Fed Chairman Jerome Powell avoided comment on monetary policy and the economy at a symposium.
The dollar hovered around its weakest level in seven months. A weaker dollar could boost demand for oil as dollar-denominated commodities become cheaper for holders of other currencies.
Fed Governor Michelle Bowman said the US central bank will have to raise interest rates further to combat high inflation and that will likely lead to softer conditions in the job market.
(Reporting by Rowena Edwards in London, additional reporting by Arathy Somasekhar in Houston, and Muyu Xu in Singapore)
Source: CNN Brasil
A journalist with over 7 years of experience in the news industry, currently working at World Stock Market as an author for the Entertainment section and also contributing to the Economics or finance section on a part-time basis. Has a passion for Entertainment and fashion topics, and has put in a lot of research and effort to provide accurate information to readers.
