Oil close 3% higher, Brent exceeds $83

07/02/2023 Argaam

Oil close 3% higher, Brent exceeds $83

Oil drilling rigs

Oil prices rose significantly today, Feb. 8, amid optimism over global demand for crude.

 

US Federal Reserve Chairman Jerome Powell said that the process of reining in inflation has already started, but it needs more time to reach the target.

 

Meanwhile, the Energy Information Administration (EIA) raised its expectations for the price of Brent and WTI crude during the current year, with an increase in its estimates for crude production in the US this year.

 

Investors still expect a recovery in Chinese demand for oil following the easing of COVID-19 measures.

 

Director of International Energy Agency, Fatih Birol, said that Beijing will account for about half of the growth in global demand for crude.

 

Brent crude futures for April delivery rose 3.3%, or $2.70, to close at $83.69 a barrel.

 

WTI crude for March delivery increased by 4.1%, or $3.03, to reach $77.14 a barrel.

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