Oil crawls back up on signs of firm U.S. fuel demand, weaker dollar | Reuters
Oil prices recovered slightly on Wednesday as data pointed to firm fuel demand in the United States, providing respite after a 5% drop a day earlier on fear of demand suffering from increased China COVID-19 curbs and central bank interest rate hikes.
A slightly weaker U.S. dollar also shored up the market, with oil consequently being cheaper for buyers holding other currencies.
U.S. West Texas Intermediate (WTI) crude futures jumped 90 cents, or 1%, to $92.54 a barrel at 0306 GMT, after sliding $5.37 in the previous session driven by recession fears.
Brent crude futures for October, due to expire on Wednesday, climbed 70 cents, or 0.7%, to $100.01 a barrel, trimming Tuesday's $5.78 loss. The more active November contract was up 96 cents, or 1%, at $98.80 a barrel.
The price swings since the Ukraine conflict began six months ago have rattled hedge funds and speculators and thinned trading, which in turn has made the market whipsaw even more, as seen on Tuesday. read more
No comments:
Post a Comment