February 8, 2023

Oil prices rose today, Tuesday, by more than a dollar amid supply disruptions and a sharp fall in the dollar: Brent oil futures rose $1.59, or 2.04 percent, to $79.58 a barrel to $14. :38 GMT.

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Futures for US West Texas Intermediate crude rose $1.35, or 1.85 percent, to $74.52.

The dollar index fell today, Tuesday, after data showed that core U.S. consumer price inflation rose less-than-expected last month, bolstering expectations that the Federal Reserve will ease its pace of interest rate hikes tomorrow, Wednesday. .

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A weaker dollar makes oil cheaper for holders of other currencies, which should boost demand. Uncertainty around the resumption of supplies through TC Energy’s Keystone pipeline, which transports about 620,000 barrels of oil per day, supported the market. Canadian oil from Alberta to the United States after the shutdown last week.

The pipeline closure raised expectations that US crude inventories will fall by 3.9 million barrels in the week ended Dec. 9, with data from the American Petroleum Institute expected Tuesday at 21:30 GMT.

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