Oil Prices Rise in Early Asian Trading

Oil prices rose in early Asian trading today, after the impact of strong demand for fuel in the United States.

Brent crude futures rose 26 cents, or 0.34 %, to $76.67 a barrel, and US crude futures rose 28 cents to $72.84.

The latest US data showed an increase in consumer prices last April, which increases the possibility of the Federal Reserve / US Central Bank / maintaining high interest rates, which may lead to a reduction in demand for oil, and the pressure of high global interest rates on oil prices in the past months, with traders are worried about a recession.

However, signs of strong fuel demand emerged in the United States, and US gasoline inventories fell by 3.2 million barrels last week, much more than the 1.2 million barrels analysts expected.

Source: National Iraqi News Agency

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