Oil rises after US Fed interest rate decision

02/11/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose today, Nov. 2, as investors’ risk appetite returned after the US Federal Reserve decided to hold interest rates steady.

 

International benchmark Brent crude was trading up 0.87% at $85.37 a barrel, at 09:00 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 0.92% to $81.18 a barrel, wiping out last session’s losses of 0.7%.

 

JPMorgan estimates indicated that the average global demand for oil during October reached 102.1 million barrels per day, a decrease of 100,000 barrels per day compared to previous estimates.

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