Global crude oil news

25 Oct 2022 , 09:41 AM

Tuesday saw a little rise in oil prices as the U.S. dollar weakened and expectations for more aggressive interest rate increases in the largest economy in the world were dampened by dismal U.S. business activity statistics.

The benchmark Brent crude price had increased by 12 cents to $93.38 per barrel, while the price of U.S. West Texas Intermediate crude had increased by 22 cents to $84.80 per barrel.

In October, U.S. business activity shrank for the fourth consecutive month, with manufacturers and services sectors reporting weaker customer demand in a monthly S&P Global survey of purchasing managers.

The U.S. Federal Reserve may decide to slow its rate raise plans as a result of this weakness, which would be good news for the demand for fuel. It may be an indication that interest rate increases made to combat inflation have been successful.

The U.S. dollar index, meanwhile, dipped slightly in early trade. Oil costs are reduced for non-American consumers when the currency is weaker.

China’s crude imports in September, which were limited by thin margins and weak demand, were 9.79 million barrels per day, 2% below the same month a year earlier, according to customs statistics released on Monday.

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