ANKARA, Feb 21 – Oil prices increased on Wednesday, supported by concerns that the conflict in the Middle East will disrupt global oil supply and data indicating positive global economic activity, reported Anadolu.
The international benchmark crude Brent traded at US$82.53 per barrel at 9.58 am local time (0658GMT), a 0.23 per cent rise from the closing price of US$82.34 a barrel in the previous trading session on Tuesday.
The American benchmark, West Texas Intermediate (WTI), traded at the same time at US$77.20 per barrel, up 0.21 per cent from Tuesday’s close of US$77.04 per barrel.
Tension is escalating in the Red Sea due to Houthi attacks on commercial ships suspected of having links with Israel and British forces.
The minutes of the last meeting of the Fed’s Federal Open Market Committee (FOMC) will be published later on Wednesday. The minutes are expected to offer signals of the bank’s future steps for the coming period.
Analysts expect that the bank will start interest rate cuts in May or June.
Data revealing positive economic activity in Europe and Asia also aided in pushing oil prices higher. Analysts forecast that the European Central Bank and the Bank of England will start reducing interest rates in June.
The People’s Bank of China lowered its five-year loan prime interest rate, the benchmark rate for housing loans, above expectations to stimulate the real estate market. The move aims to revive the real estate sector while easing the burden on individuals and businesses.
According to the data announced early Wednesday in Japan, exports exceeded expectations with an annual increase of 11.9 per cent in January.
