Oil rises ahead of US Fed decision on interest rates

Oil drilling rigs

Oil prices rose today, June 14, as investors awaited the US Federal Reserve's decision on interest rates, amid expectation of an increase.

Investors expect the Federal Reserve to raise US interest rates by 75 basis points, the largest increase since 1994, to counter rising inflation.

Meanwhile, China's economy showed some signs of recovery, as industrial production rose by 0.7% year-on-year in May, against expectations of a decline.

In its monthly report issued on June 14, OPEC said it expects the average global demand for oil to rise to 101.8 million barrels per day in the second half of this year, exceeding pre-COVID-19 levels.

In terms of trading, Brent crude rose 0.43% to $121.69 per barrel, at 9:02 am GMT.

West Texas Intermediate (WTI) crude rose 0.42% to $119.43 a barrel.