Oil market shrugged off US crude inventories data to climb higher
International benchmarks for crude oil climbed higher on Wednesday, 8 February 2023 as investors shrugged off the EIA report of the 2.4 million barrels built up in the US commercial crude inventories
International benchmarks for crude oil climbed higher on Wednesday, 8 February 2023 as investors shrugged off the EIA report of the 2.4 million barrels built up in the US commercial crude inventories as well as the 5 million barrels of motor gasoline. Risk appetite spiked after the FED signalled a less hawkish stance in the next interest rate hike.
Brent added $1.40 or 1.7% to settle at $85.09/barrel.
WTI gained $1.33 or 1.7% to close at $78.47/barrel.