Oil price surpassed the threshold of $80 a barrel while USD fell

Closing the session on December 13, oil price surpassed the threshold of $80 a barrel and recorded the largest daily increase in more than a month.

Source: Internet

Oil price surpassed 80 USD/barrel and had the strongest increase in more than a month, as investors boosted buying after US inflation data slowed down.

Closing the session on December 13, Brent crude increased by $2.69, or 3.5%, to $80.68 per barrel and West Texas Intermediate crude rose $2.22, or 3%, to $75.39 a barrel. Both oils posted their biggest gains since November 4, 2022.

The dollar index fell after data showed that core US consumer price inflation rose less than expected last month, bolstering expectations the Federal Reserve will slow rate hikes. A weaker dollar makes oil cheaper to buy in other currencies, which also boosts oil demand.

The market was also boosted by supply disruption concerns, including the shutdown of the Keystone oil pipeline from Canada to the US, following a major leak last week.

Source: CafeF