Doha: Oil prices rose almost 1% in early trade on Wednesday, continuing the previous day’s upward trend as investors considered a decline in US crude stocks and recent comments from Donald Trump regarding the Federal Reserve.
According to Qatar News Agency, the market received a boost after Trump on Tuesday stepped back from threats to dismiss Fed Chair Jerome Powell. This came after several days of increasing criticism towards Powell for not reducing interest rates. Additionally, Trump hinted at the potential for reduced tariffs on China, which further influenced market sentiment.
Brent crude futures increased by 61 cents, or 0.9%, reaching 68.05 a barrel. Meanwhile, US West Texas Intermediate crude was priced at 64.27 a barrel, marking an increase of 60 cents, or 0.94%.