Oil prices rose today, Jan. 11, in anticipation of Federal Reserve Chairman Jerome Powell's statements regarding the interest rate, and the latest developments for the pandemic.
Powell will testify before the Senate later today, coinciding with statements by a number of Federal Reserve officials that the US Federal Reserve may start raising interest rates sooner than expected.
Ravindra Rao, head of commodities research at Kotak Securities, told Reuters that the increase in COVID-19 cases is causing concerns about demand for crude because restrictions affect mobility and therefore fuel demand levels.
"However, despite the sharp increase in cases, none of the major economies has moved towards implementing strict lockdown measures," he added.
Rao further said that the virus situation and issues related to supply as well as trends in stock markets will be key factors in influencing trends in the oil markets in the short-term.
Brent crude oil futures for March delivery rose 0.56% to $81.32 a barrel at 09:00am Makkah time.
US West Texas Intermediate (WTI) crude futures for February delivery rose 0.72% to $78.79 a barrel.
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