![]() Oil futures have climbed around 7per cent since the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia surprised the market last week with further cuts to production targets from May. "China's March CPI is lower than expected, which may promote the Chinese government to further stimulate the economy," said Tina Teng, an analyst at CMC Markets. economy is taking steps into the recession pool or if it is going to do a cannonball into it," said Edward Moya, senior analyst at OANDA.ĭata from China, however, showed consumer inflation in March rose at its slowest pace since September 2021, suggesting demand weakness persists in an uneven economic recovery. "The short-term crude demand outlook will soon be clearer. ![]() inflation report to be released on Wednesday is expected to help investors gauge the near-term trajectory for interest rates. ![]() The prospect of the Fed raising its benchmark interest rate only once more and in a 25 basis point increment is a useful starting point but the central bank's policy path will depend on incoming data, New York Fed President John Williams said on Tuesday.Ī U.S. Federal Reserve is getting closer to ending its cycle of interest rate hikes, making dollar-priced oil cheaper for buyers holding other currencies. Investors were more optimistic that the U.S. West Texas Intermediate futures rose US$1.79, or 2.2per cent, to US$81.53 a barrel. ![]() inflation report this week, though concerns remain over Chinese demand.īrent crude futures settled up US$1.43, or 1.7per cent, to US$85.61 a barrel. NEW YORK : Oil prices rose about 2per cent on Tuesday on hopes that the Federal Reserve might ease up on its policy tightening after a key U.S. ![]()
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