Crude oil closes higher after higher-than-expected U.S. inflation figures

Crude oil futures closed higher on Thursday (Oct. 13), posting their first gain in four days after falling for three days.

  • WTI crude futures rose $1.84, or 2.1%, at $89.11 a barrel.
  • BRENT crude futures rose $2.12, or 2.3%, at $94.57 a barrel.

Oil markets were buoyed by a 4.9 million barrel drop in distillate inventories in the United States, according to the EIA.

U.S. crude oil inventories rose by 9.9 million barrels and gasoline inventories by 2 million barrels last week.

The U.S. Department of Labor reported Thursday (Oct. 13) that the consumer price index (CPI) rose 8.2% year over year in September. On a month-over-month basis, the CPI rose 0.4% in September.

Core CPI (excluding food and energy) increased by 6.6% year-on-year in September. Month-on-month, the core CPI rose by 0.6% in September, the second consecutive month of increases.

These figures show that the U.S. continues to face inflation and there are no signs of a slowdown that could lead the Federal Reserve to stop raising interest rates.

In addition, the oil market rose in line with the U.S. stock market. It recovered from a morning slump triggered by unexpectedly high inflation data.

The Spot Market is Open

Friday, October 14, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
14.10

89.37

+0.26

+0.29%

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