Oil prices rose to $ 84 a barrel

Oil prices rose sharply in trading yesterday after the US Federal Reserve signaled that it was likely to raise bank interest rates more slowly than expected. And today it fluctuates in the same range.

Brent and US crude are at their highest levels since the emergence of the Amicron in late November.

Brent crude traded up 12 cents at $ 83.84 a barrel. Brent recorded a 3.5 percent increase yesterday.

US crude traded up 29 cents at $ 81.51 a barrel. This type of oil also recorded a 3.8 percent increase yesterday.

The Federal Reserve’s Jeremy Powell said on Tuesday that the economy would tolerate short-term effects with the recent rise in Covid 19 and prepared to begin tougher monetary policy.

However, statistics from the American Petroleum Institute paint a weaker picture of fuel demand; These statistics show that crude oil reserves decreased less than expected and stocks of gasoline and petroleum products increased more than expected.

Crude oil inventories fell 1.1 million barrels in the week to January 7, less than the 1.9 million barrels expected by analysts.

“Although market players appear somewhat optimistic about economic growth in the first quarter, US Petroleum statistics show that demand is declining,” analysts said.

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