Oil shrugs off Fed rate hike impact, rises over 2% on tighter supply; Brent tops April peak of $84/bbl-mark
Oil climbed on Thursday, with Brent crude topping $84 a barrel for the first time since April, supported by supply tightness following OPEC production cuts and renewed bullishness on the outlook for Chinese demand and global growth.
Crude has posted four consecutive weekly gains on an expected tightening of supply because of output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC , as well as some involuntary outages.
Brent crude advanced $1.19, or 1.4 per cent, to $84.11 a barrel while US West Texas Intermediate (WTI) crude rose by $1.34, or 1.7 per cent, to $80.12. on the Multi Commodity Exchange (MCX), crude oil futures due for a August 21 expiry, were last trading higher by 2.19 per cent at ₹6,615 per bbl, having swung between ₹6,485 and ₹6,618 per bbl during the session so far, against a previous close of ₹6,473 per barrel.
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Updated: 27 Jul 2023, 10:37 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.