Oil prices rose by one percent following bullish remarks from Federal Reserve Chair Jerome Powell and predictions of a drawdown in US stockpiles. Brent futures increased by 1.7% to $77.19 per barrel while US West Texas Intermediate crude rose by 2.1% to $72.65 per barrel. Speaking to the House Financial Services Committee, Powell reaffirmed the central bank’s commitment to lowering inflation, clarifying that its actions would be data-dependent. Analysts predict a slight rise in US crude oil stockpiles and official US oil inventory data will be released later this week. The Bank of England’s anticipated interest rate hike on Thursday adds further pressure on countries dealing with inflation challenges.
Oil Prices Rise by 1% as Fed’s Powell Delivers Hawkish Comments
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