Expert Patterson: Oil prices remain stable ahead of US inflation statistics
MOSCOW, April 12 – RIA Novosti. According to trade data, world oil prices on Wednesday morning were virtually unchanged before the release of US inflation statistics and a comment expert.
As of 8:22 Moscow time, the June futures price of Brent crude oil rose symbolically 0.07% to $85.67 per barrel, while the May futures price for WTI rose 0.07% to $81.59.
Inflation data for March will be released in the US on Wednesday afternoon. Analysts expect inflation to slow to 5.2% year-on-year from 6% a month ago. In the evening, statistics on commercial oil reserves in the country for the week until April 7 will be announced. Reserves are expected to fall by 1.3 million barrels.
“Oil continues to receive relatively good support from expectations of supply cuts following the OPEC+ decision,” Warren Patterson, head of commodities strategy at ING Groep NV, told Bloomberg. “But in the short term, all attention will likely be on today’s inflation data in the US. Clearly, any upside surprise could be negative for risky assets,” he said.
In addition, markets are waiting for the US Federal Reserve’s March meeting minutes to be published on Wednesday evening. Investors hope to find clues about the regulator’s future plans in the document. According to CME Group, 71.8% of analysts expect the Fed to increase the discount rate by another 25 basis points to 5-5.25% in May.
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Source: Ria
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