Oil rises as dollar falls

16/02/2023 Argaam

Oil rises as dollar falls

Oil drilling rigs

Oil prices rose today, Feb. 16, driven by weaker dollar, demand growth outlook and after a surprisingly large build in US crude inventories.

 

International benchmark Brent crude was trading up 0.70% at $85.96 a barrel, at 8:57 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 0.9% to reach $79.29 a barrel.

 

The dollar index, which measures its value against a basket of major currencies, fell 0.25% to 103.67 points.

 

On Feb. 15, the US Energy Information Administration revealed that crude stocks increased by 16.3 million barrels in the week ended Feb. 10, compared to expectations that suggested an increase between 1.5 million and two million barrels.

 

Meanwhile, the International Energy Agency raised its forecast on global oil demand by 500,000 barrels per day in Q1 2023. It expects an increase in total demand throughout the year by two million barrels per day to 101.9 million barrels.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read