Oil prices rose about $1 a barrel on Thursday, supported by figures showing that US consumer prices unexpectedly fell in December and optimism about China’s demand prospects.
The US Consumer Price Index fell 0.1%, suggesting that inflation is now on a sustained downward trend. Top oil importer China is reopening its economy after the end of tight restrictions against Covid-19, raising expectations of higher demand for oil.
Brent crude closed at $84.03 a barrel, up $1.36, or 1.7%. US crude settled at $78.39 a barrel, gaining $0.98, or 1.3%.
Also boosting oil, the greenback fell to an almost nine-month low against the euro after inflation data raised expectations that the Federal Reserve will be less aggressive going forward with rate hikes.
On Wednesday (11), the two oil benchmarks rose 3%, in hopes that the global economic outlook is not as bleak as many feared.
(Additional reporting by Alex Lawler, Laura Sanicola and Emily Chow)
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.
