Oil rises amid demand optimism, Brent crosses $82

Oil prices rose today, Dec. 14, following the monetary policy decision in the United States and the release of inventories data.

The US Federal Reserve raised interest rates by 50 basis points, after four consecutive increases of 75 basis points.

The Fed raised its interest rate forecast to 5.1% next year instead of the September estimate of 4.6%.

On the other hand, data from the US Energy Information Administration revealed that crude oil inventories rose by 10.2 million barrels in the week ended Dec. 9, contrary to expectations of a decline of 3.4 million barrels.

Gasoline stocks in the United States rose 4.5 million barrels, while crude production fell by 100,000 barrels.

Investors are still optimistic about the outlook for oil demand, after the International Energy Agency raised its forecast for crude demand in the current and next years, in addition to the continued easing of restrictions in China.

Brent crude futures for February delivery rose 2.5%, or $2.02, to settle at $82.70 a barrel. US WTI crude for January delivery rose 2.5%, or $1.89, to $77.28 a barrel.