2024-03-28T04:45:09+00:00
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/ Global oil prices rose on Thursday, recovering from a decline for two consecutive sessions as investors reevaluated the latest data for US crude oil and gasoline inventories.
By 00:41 GMT, Brent crude futures for May delivery rose 29 cents, or 0.34 percent, to $86.38 per barrel, while the most widely traded June futures rose 28 cents, or 0.33 percent, to $85.69.
As for US West Texas Intermediate crude futures for May delivery, they rose 41 cents, or 0.50 percent, to $81.76 per barrel.
In the last session, oil prices came under pressure after US crude oil and gasoline inventories rose unexpectedly last week, driven by a rise in crude imports and a slowdown in gasoline demand, according to Energy Information Administration data.
However, the increase in crude oil inventories was less than the American Petroleum Institute’s expectations.
A member of the Federal Reserve Board of Governors said yesterday, Wednesday, that the latest inflation data, which was disappointing, confirms the US central bank’s justifications for postponing the target cut of interest rates in the short term, but he did not rule out lowering interest rates later in the year.