International crude prices rebounded on Tuesday, driven by a weak dollar and forecasts from the US Energy Information Agency. (EIA), which raised its expectations of the quotes for 2022.
In New York the barrel of “light sweet” (WTI) for delivery in February rose 3.82%, closing at $ 81.22.
For its part, in London, the barrel of Brent North Sea for delivery in March won 3.52% with a price of 83.2 dollars.
During the day, Brent and WTI reached their highest levels since November 10 and 16 respectively.
The financial markets were boosted by statements from the Chairman of the Federal Reserve (Fed, Central Bank), Jerome Powell, during his confirmation hearing in the Senate.
Although he indicated that the Fed is prepared to raise its rates to combat inflation, the tone of his intervention was considered less radical than the excerpts from the minutes of the last meeting of the Fed’s Monetary Policy Committee published last week.
The dollar weakened to its lowest in two months against the euro. Oil thus became cheaper for investors in other currencies and that drove purchases.
In addition, the EIA increased its measured price estimate for Brent (to $ 74.95) and WTI (to $ 71.32) by almost $ 5 for 2022 over its last release in December.
Figures for commercial crude oil and gasoline reserves in the United States will be released on Wednesday. Analysts expect a drop of 1.85 million barrels for crude stocks, according to the average of specialists questioned by the Bloomberg agency.
Reference-www.eleconomista.com.mx