Stability Reported in Oil Prices

Another element at play points out hopes for higher Chinese demand and production cut down by the Organization of Petroleum Exporting Countries and its allies (OPEP₊).

Europe’s benchmark Brent crude fell 17 cents, 0,18%, to $92.56 a barrel, while West Texas Intermediate in the United States (WTI) rose 10 cents, 0,12%, to $84.60.

To fight inflation, the US Federal Reserve (Fed) is trying to slow down the economy and will continue to raise its short-term rate target, said FED’s president in Philadelphia, Patrick Harker.

China, the world’s largest importer of crude oil, is applying strict restrictions against Covid-19 this year, which is weighing on business and economic activity.