Oil prices rose today, bouncing back after three consecutive days of decline. This surge was driven by anticipation that the recent dip might prompt the United States, the largest consumer of crude globally, to initiate replenishment of its strategic reserve, thereby stabilizing prices. However, the optimism was tempered by a more than 3% drop on Wednesday, marking a seven-week low. This decline followed the decision by the U.S. Federal Reserve to maintain steady interest rates, a move that could potentially restrain economic expansion and consequently limit the growth in oil demand for the year.
The Brent Crude Oil futures was up by 0.91 percent to trade at 84 dollar and 20 cents, whereas Western Texas Intermediate was higher by 0.84 percent at 79 dollar and 66 cents when reports last came in.
Disclaimer: This press release is sourced from News On AIR, Prasar Bharti and Press Information Bureau India (PIB).
