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SUNDAY, JULY 13, 2025
Oil prices climb on hopes for Fed slowing interest rate hikes

Global Economy

Reuters
20 January, 2023, 09:40 am
Last modified: 20 January, 2023, 09:45 am

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Oil prices climb on hopes for Fed slowing interest rate hikes

Reuters
20 January, 2023, 09:40 am
Last modified: 20 January, 2023, 09:45 am
Crude oil tankers, including Troitsky Bridge vessel, lie at anchor in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. REUTERS/Tatiana Meel
Crude oil tankers, including Troitsky Bridge vessel, lie at anchor in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. REUTERS/Tatiana Meel

Oil prices rose on Friday on optimism that the US Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand.

Brent LCOc1 futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel by 0113 GMT, while US crude CLc1 advanced 54 cents to $80.87 per barrel, a 0.7% gain.

The benchmarks were on track for a second straight week of gains. Both closed 1% higher on Thursday, near their highest closing levels since 1 Dec. 

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According to most economists in a Reuters poll, the Fed will end its tightening cycle after a 25 basis point hike at each of its next two policy meetings, and then likely hold interest rates steady for at least the rest of the year.

Federal Reserve Bank of New York President John Williams said on Thursday the US central bank has more rate hikes ahead, and sees signs inflationary pressures might be starting to cool off from torrid levels.

A number of other Fed officials have expressed support for a downshift in the pace of rate rises.

Meanwhile the dollar index was headed for a second consecutive weekly decline. A weaker dollar makes crude, priced in the currency, cheaper for foreign buyers.

Also extending support to prices, Chinese oil demand climbed by nearly 1 million barrels per day (bpd) from the previous month to 15.41 million bpd in November, the highest level since February, according to the latest export figures published by the Joint Organisations Data Initiative.

A rebound in Chinese economy and the Russian oil industry's struggles under sanctions could tighten energy markets in 2023, International Energy Agency (IEA) head Fatih Birol said on Thursday.

World+Biz

Oil / Rate Hikes / US Federal Reserve

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