Crude oil prices trading around 77 $ per barrel

brent oil prices

WTI crude oil prices rose to around $77 per barrel on Thursday as the US Federal Reserve said it had made progress in the fight against inflation and increased interest rates by 25 basis points, lowering the dollar and making greenback-priced commodities more affordable for foreign buyers.

An OPEC+ committee recommended maintaining steady crude production on the supply side because of uncertainty regarding the impact of China’s economic reopening and the most recent sanctions on Russian supply.

As concerns about a slowdown in global economic growth and signs of robust Russian crude exports persisted in energy markets, the US benchmark oil price fell by more than 3% this week.

US crude inventories increased by 4.14 million barrels last week, exceeding market expectations of 0.376 million barrels, according to official data.