ANKARA, March 12 — Oil prices increased today with greater supply risks with the rising conflict in the Middle East, while investors await several key supply and demand data sets from the Organisation of Petroleum Exporting Countries (Opec) as well as inflation data from the US Federal Reserve (Fed), reported Anadolu.
International benchmark Brent crude traded at US$82.61 (RM386) per barrel at 10.41 am local time (0741 GMT) for a 0.48 per cent increase from the closing price of US$82.21 a barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at US$78.25 per barrel at the same time, a 0.41 per cent rise from the previous session that closed at US$77.93 per barrel.
Oil prices rose in early Asian trade today following US and British airstrikes on Yemen’s coastal province of Al Hudaydah yesyrtday.
Investors are additionally focused on the upcoming monthly oil market reports.
The Opec and the Energy Information Administration (EIA) will release related reports later on Tuesday, while the International Energy Agency (IEA) report will come online on Thursday.
“While we believe the estimates will be largely unchanged, any upside surprise will ease demand concerns,” according to Daniel Hynes, a commodity strategist at Australia and New Zealand Banking Group.
Ahead of the Fed’s announcement late today of key inflation statistics, investors are taking a cautious stance.
While uncertainties continue as to when the Fed will start interest rate cuts, experts predict that today’s inflation data may provide investors with clues about the bank’s future steps. — Bernama-Anadolu
