Oil rises 1% after Fed rate hike

27/07/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices edged up nearly 1% today, July 26, after US crude oil inventories fell more than forecast and the Federal Reserve said that future hikes depend on economic data.

 

The US central bank is seen to be close to ending the current monetary tightening, after raising key rates 11 times since March 2022 to reach the highest level in 22 years yesterday.

 

Brent crude for September delivery traded 0.96%, or 80 cents, higher at $83.72 a barrel at 08:04 am Makkah Time.

 

US West Texas Intermediate (WTI) crude for September delivery rose 1.08%, or 85 cents, to $79.63 a barrel.

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