Oil prices rose on Friday ahead of the release of key US inflation data, which can give predictions about future changes in interest rates.
Futures for Brent oil, who have grown by almost 6% this week, have risen in price by 18 cents, or 0,2%, to 79,7 dollars per barrel. American oil brand West Texas Intermediate (WTI) has risen in price by 52 cents, or 0,7%, to 75 dollars, rising in value this week by about 8%.
But the contracts were set for a monthly drop by 5% and 3% respectively after, as earlier this month they reached their lowest level since 2021 years after the largest bank failures since the financial crisis 2008 of the year.
Oil prices generally offset these losses, as fears of a full-blown global banking crisis subsided after bailing out banks in the US and Europe through de facto government intervention.
Markets await data on personal consumption spending inflation (PCE) in USA, closely monitored by the Federal Reserve.
On Thursday, the US House of Representatives passed a bill, aimed at increasing US oil and gas production while reducing so-called climate initiatives.
Oil prices rose after, how producers closed or reduced production at several oil fields in northern Iraq's Kurdistan Region after the shutdown of the northern export pipeline. Also a positive signal for oil prices was the data, showing, that U.S. crude oil inventories fell to a two-year low. Besides, prices were able to hold and even rise due to the fact that, that manufacturing activity in China rose in March.
According to analysts, as oil prices recover from recent lows, Organization of the Petroleum Exporting Countries and allies led by Russia, probably, stick to their existing deal to cut oil production. Talking about the OPEC+ deal, which they tried to put pressure on from Washington. Author:The same Mikhail