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Crude prices jump over 1.5% on demand optimism

10 March 2023 21:12 (UTC +04:00)

Crude oil prices for future contracts registered an upswing movement on Friday, as optimism about increased demand in the United States grew, APA reports citing Teletrader.

Previously, US Energy Information Administration revealed first inventory draw since the beginning of the year, seemingly indicating that crude consumption in the country is recovering amid worries that the Federal Reserve could further tighten its monetary policy. The unemployment rate marginally increased in February, according to widely watched data on the US job market. This may indicate that the labor market is gradually softening, in which case policymakers could slow the rate of interest rate increases.

West Texas Intermediate (WTI) for April rose 1.77%, selling at $77.02 per barrel at 11:42 am ET, while Brent for deliveries in May surged 1.80%, going at $83.01 per barrel.