Oil rates rises with US dollar declining, OPEC+ decision to ...| MENAFN.COM

Friday, 31 March 2023 04:53 GMT

Oil rates rises with US dollar declining, OPEC+ decision to continue current production plan

(MENAFN) Oil costs surged on Thursday as the US dollar dropped and OPEC+ decided to sustain its ongoing output plan.

International benchmark Brent crude sold at USD83.38 a barrel at 9.08 AM regional time (0608 GMT), a 0.65 percent rise from the ending price of USD82.84 per barrel in the prior exchange session.

The American benchmark West Texas Intermediate (WTI) sold at USD76.97 a barrel at the same time, a 0.73 percent earn following the prior session ended standing at USD76.41 per barrel.

In an attempt to battle inflation, the US Federal Reserve surged its main interest rate by 25 basis points on Wednesday. Oil rates, which had been declining in anticipation of the Fed's interest rate verdict, started to increase after the verdict and the speech of Fed Chairman Jerome Powell.

Powell mentioned that reducing interest rates in 2022 would be unsuitable if the economy broadly performed along with estimations, and he estimates financial surge to carry on, albeit at a decelerated pace.


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