Oil prices rise as dollar dips ahead of CPI data; US inventories shrink
Investing.com-- Oil prices rose in Asian trade on Thursday, extending recent gains as weakness in the dollar ahead of key U.S. inflation data benefited price, while bets on tighter global supplies remained in play.
Data showing an unexpected draw in U.S. oil inventories supported crude markets, although an outsized build in distillates limited overall optimism over tighter supplies. Weak inflation data from top oil importer China also dented sentiment towards oil., as the greenback retreated after Federal Reserve Chair Jerome Powell flagged said the U.S. economy was still headed for a soft landing.
The Organization of Petroleum Exporting Countries maintained its forecast for relatively strong global oil demand growth in 2024 and 2025, stating that resilience in the global economy and resurgent air travel will underpin demand.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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