Crude oil prices continue to rise ahead of Powell’s speech.
Crude oil prices are on the rise before Fed Chairman Jerome Powell’s speech today. With the hawkish statements made by Fed officials yesterday, the barrel price of West Texas type crude oil rose above $ 93 this morning after completing the previous session with a decrease of 2.5 percent. The barrel price of Brent oil is above $100 with an increase of 0.7 percent.
Fed Chairman Powell is expected to reiterate his statement that they are determined to fight inflation in his speech at the Jackson Hole meeting today. Oil prices rallied this week as Saudi Arabia signaled that OPEC+ could cut production to stabilize prices in the volatile market.
Prices, which have fallen since June due to concerns about a slowdown in the global economy, stabilized around $90 this month. With rising energy prices, many energy companies, from global energy giants BP to Exxon Mobil, from China’s PetroChina to Cnooc, announced higher than expected profit figures in the first half of the year.
