The unexpected increase in US reserves made oil more expensive

According to Fars International Economic Group, citing Reuters, following the unexpected increase in US oil and fuel reserves and the instability in the world economy and the reopening of China’s economy, oil prices increased in today’s transactions.

Today, North Sea Brent oil rose 40 cents to $80.55 per barrel, and American crude oil rose 21 cents to $75.33 per barrel.

Both oil benchmarks rose on Monday and Tuesday, after heavy selling in the first week of 2023.

According to informed sources, US crude oil reserves increased by 14.9 million barrels in the week ending January 6. At the same time, reserves of oil products have also increased by about 1.1 million barrels.

Analysts expected these reserves to decline. Official statistics will be published today.

The oil market had decreased due to the concern that the sharp increase in interest rates to curb inflation would cause economic stagnation and decrease the demand for fuel.

According to analysts, if inflation is lower than expected, it will lower the value of the dollar. The cheaper the dollar gains, the greater the demand for oil, as it makes the basic commodity cheaper for buyers who own other currencies.

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