![]() ![]() ![]() Higher interest rates ultimately increase borrowing costs for consumers, which could slow economic growth and reduce oil demand. On Wednesday, the Fed kept interest rates unchanged but signaled at least a half of a percentage point increase by year end. "The outlook for economic growth and inflation remains highly uncertain," said ECB President Christine Lagarde. It signaled further policy tightening, as it battles high inflation. The European Central Bank (ECB) raised interest rates to a 22-year high as expected on Thursday. Federal Reserve pause in raising interest rate, while in Europe they are still hiking rates," said Phil Flynn, an analyst at Price Futures Group. Then, of course, you have the macro situation with the (U.S.) dollar being down in part because of the U.S. "The Chinese refinery numbers started the oil price rally. reports showing retail sales unexpectedly rose in May and higher-than-expected jobless claims last week cut the dollar, to a five-week low versus a basket of other currencies.Ī weaker dollar makes crude cheaper for holders of other currencies, which could boost oil demand.ĭata on Thursday also showed China's oil refinery throughput rose 15.4% in May from a year earlier, hitting its second highest total on record.Ĭhinese demand for oil is expected to keep climbing at an assured rate during the second half of the year, said Kuwait Petroleum Corp's chief executive. ![]() diesel futures, meanwhile, rose about 5% to their highest since late April. In the United States, the gasoline crack spread, a measure of refining profit margins, to its highest since July 2022. Those were the highest closes for Brent and WTI since June 8. West Texas Intermediate (WTI) crude rose $2.35, or 3.4%, to settle at $70.62. dollar and a jump in refinery runs in top crude importer China.īrent futures rose $2.47, or 3.4%, to settle at $75.67 a barrel, while U.S. NEW YORK, June 15 (Reuters) - Oil prices gained about 3% to a one-week high on Thursday on a weaker U.S. ![]()
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