Oil steady as US data cools inflation worries

MG News | February 01, 2023 at 02:53 PM GMT+05:00
February 01, 2023: Oil prices were little changed on Wednesday, rebounding from the previous session's lows over signs of easing inflation in the US, the world's largest oil-consuming country, while the market continues to be over-cautious ahead of OPEC+ and US Federal Reserve (Fed) meetings.
International benchmark Brent crude traded at $85.52 per barrel at 10.12 a.m. local time (0712GMT), up 0.07% from the closing price of $85.46 a barrel in the previous trading session.
American benchmark West Texas Intermediate (WTI) traded at $79.03 per barrel at the same time, a 0.20% gain after the previous session closed at $78.87 a barrel.
Prices rose slightly as the Fed's preferred inflation indicator eased annually to a 4.4% gain in December 2022, down from a 4.7% increase in November, according to US Commerce Department figures released last week.
The softening in the year-on-year figures is a result of the Fed's aggressive monetary tightening cycle and interest rate increases last year.
The US central bank last year made a total of 425 points rate hikes on seven occasions to fight record-high inflation that climbed to its highest level in over 40 years by mid-2022.
The Fed's first 2023 two-day meeting will conclude on Wednesday and is widely expected to result in a 25-basis-point rate hike.
AA/APP
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 134,299.77 290.06M |
0.39% 517.42 |
ALLSHR | 84,018.16 764.12M |
0.48% 402.35 |
KSE30 | 40,814.29 132.59M |
0.33% 132.52 |
KMI30 | 192,589.16 116.24M |
0.49% 948.28 |
KMIALLSHR | 56,072.25 387.69M |
0.32% 180.74 |
BKTi | 36,971.75 19.46M |
-0.05% -16.94 |
OGTi | 28,240.28 6.19M |
0.21% 58.78 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 118,140.00 | 119,450.00 115,635.00 |
4270.00 3.75% |
BRENT CRUDE | 70.63 | 70.71 68.55 |
1.99 2.90% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
1.10 1.14% |
ROTTERDAM COAL MONTHLY | 108.75 | 108.75 108.75 |
0.40 0.37% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 68.75 | 68.77 66.50 |
2.18 3.27% |
SUGAR #11 WORLD | 16.56 | 16.60 16.20 |
0.30 1.85% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|