Oil prices rose ahead of key US inflation data

Oil prices rose on Friday ahead of the publication of key data on inflation in the US, which may provide forecasts for future changes in interest rates.

Brent futures, which rose nearly 6% this week, rose 18 cents, or 0,2%, to $79,7 a barrel. US West Texas Intermediate (WTI) rose 52 cents, or 0,7%, to $75, up about 8% this week.

But the contracts were set for monthly drops of 5% and 3%, respectively, after hitting their lowest level since 2021 earlier this month following the biggest bank failures since the 2008 financial crisis.

Oil prices have largely offset these losses as fears of a full-blown global banking crisis subsided after bailing out banks in the US and Europe through de facto government intervention.

Markets are awaiting data on personal consumption expenditure inflation (PCE) in the US, which is closely monitored by the Federal Reserve.

On Thursday, the US House of Representatives passed a bill aimed at increasing US oil and gas production while reducing so-called climate initiatives.

Oil prices rose after producers shut down or reduced production at several oil fields in northern Iraq's Kurdistan Region after the shutdown of the northern export pipeline. Also a positive signal for oil prices was data showing that crude oil inventories in the US fell to a two-year low. In addition, prices were able to hold and even rise due to the fact that manufacturing activity in China picked up in March.

As oil prices bounce back from recent lows, the Organization of the Petroleum Exporting Countries and Russia-led allies are likely to stick to their existing deal to cut oil output, analysts said. We are talking about the OPEC + deal, which they tried to put pressure on from Washington.

Comments

[75 Sergey]

The dollar should not cost more than the paper on which it is printed.

[d ^ Amir]

So it's not oil that is getting more expensive, but the dollar is getting cheaper

[Michael]

By the way, "wooden" rubles burn very badly. Green dollars are much better. Somewhere in the beginning of 2000 on "fishing" we drank to death over barbecue. And the topic of lighting from a lit bill was touched upon. There were no yuan and Mongolian tugriks in the wallets - only rubles and dollars (the smartest Jews simply did not show)))).

[vlad106]

Oil prices rose ahead of key US inflation data

Oil prices go up and down...
And petrol prices are still going up.
Remember how much gasoline cost in the 60s and 70s when the economy was rushing up.
A liter of gasoline cost from 6 to 10 kopecks.
Is it really difficult for the authorities to lower the price at least not higher than a ruble per liter? After all, the economy would immediately begin to revive and it would become easier for the people several times

[Argon]

The very price of a liter of gasoline is not high, excise prices make it high! It seems that the main excise tax on fuel was introduced in 2017-2018. And that is to abolish the transport tax. And then for the purpose of the experiment for one year. It was necessary to calculate everything, calculate and then only remove the tax. But even the tax was not removed, and excises remained. apparently someone liked it.

[Mikhail Krivopalov]

And who said that the tasks include facilitating the lives of the people? You forgot, we have capitalism, the purpose of which is to maximize profits! And if prices are lowered, how can respected people become billionaires?

[vlad106]

Quote: Mikhail Krivopalov

And who said that the tasks include facilitating the lives of the people? You forgot, we have capitalism, the purpose of which is to maximize profits! And if prices are lowered, how can respected people become billionaires?

The way it is!
The Trotskyist capitalists, alligarhs and grabbers will continue to raise prices for energy resources produced at enterprises built by our ancestors in the Soviet era.
This current system in the country was created precisely by these same Trotskyists, arrogant Saxons, grabbers who always want to suck the juice out of the common people ...
They brought the traitor Trotskyist Khrushch-Perlmutter, who began to break everything that our people had built under the leadership of Stalin ... Then, with the help of deceit, Androp-Fleckenstein, who took the traitors and traitors Kalugins, Yakovlev Shvinaradze, Gorbatykh, into power,
well, the icing on the cake: he sent abroad to study under the program of the State Department these very young reformers-destroyers of the chubays, shakhrais, shohens, avens, glazins, etc., with all the ensuing consequences ...

[Mikhail Krivopalov]

What good news! This means that Russian oligarchs will be able to earn even more on the supply of oil and gas to NATO fascists, and replenish the country's budget with taxes!

[evgen1221]

It was always incomprehensible how it works - during the union, the oil owned by the country was sold and 100% went to the budget, now we sell the same oil, to the same companies, the same people with the same connections, but now the state has only taxes i.e. part of the profit from the sale. And at the same time, they blow into their ears that it is so more efficient to sell, and selling is the backbone of the economy of states. And with the union and without these add-ons, they sold it, and it was definitely more efficient for the state, because it had 100% of the profit from the sale.

[vlad106]

Quote: evgen1221

during the union, the oil that belonged to the country was sold and 100% went to the budget, now we sell the same oil, to the same firms, the same people with the same connections, but now the state has only taxes, that is, part of the profit from the sale. And at the same time, they blow into their ears that it is so more efficient to sell, and selling is the backbone of the economy of states. A

Everything is just like that! The capitalists are robbing the indigenous peoples of Russia, sucking out the last pennies from us, and the authorities are satisfied with this ...
And the industry is so nichrome and no. They destroyed it, but for some reason they are not going to restore those factories on which the USSR economy stood ...

[Illanatol]

Quote: Argon

But even the tax was not removed, and excises remained. apparently someone liked it.

Excises on oil and oil products are really high. But this is one of the most profitable budget items.
By the way, if they are reduced, the price of gasoline will fall a little. It's just that more dough will go into the pocket of the oil oligarchs, and not the state.
In the 90s, gasoline prices (taking into account the then s / n) were also not low.

[vlad106]

Quote: Illanatol

In the 90s, gasoline prices (taking into account the then s / n) were also not low.

In the 90s there was already thieves' capitalism. Thanks to the hunchback with his Rayka-Rachel, all sorts of Yakovlev, Shirvanadzam and other Trotskyist-arrogant-Saxon evil spirits

[Illanatol]

Quote: evgen1221

And with the union and without these add-ons, they sold it, and it was definitely more efficient for the state, because it had 100% of the profit from the sale.

Yeah. The state had to invest only part of its revenues in the development of the fuel and energy complex and related infrastructure. Colossal funds were spent (which slowed down the development of other industries, including high-tech ones).
And now it is the concern of private companies.
Alas, the complete nationalization of the oil and gas industry will give the state not so much. Moreover, we do not have honest (in the Soviet way) managers. In state-owned companies, managers think quite privately (and are not free from corruption, alas).