The oil price Texas Intermediate (WTI) rose 1.22% on Tuesday to $86.92 a barrel, thus correcting yesterday’s fall, as optimism grows over the reduction in inflation.
Upon completion of operations in the New York Mercantile Exchange (nymex), the futures contracts of the WTI for December delivery rose $1.05 from the previous day’s close.
The Labor Department indicated today that the producer price index, which measures what suppliers charge businesses and other consumers, increased 0.2% in October, less than the 0.4% expected.
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These data offered renewed optimism that the Federal Reserve (Fed) could start to slow its pace of raising interest rates.
Yesterday, the vice president of the fed, Lael BrainardHe said that recent inflation data offered some signs of reassurance and that the central bank may soon slow the pace of interest rate hikes.
However, the governor of the Fed, Christopher Wallersaid at the weekend that policy makers still had “a ways to go” and would like to see more examples of similar data before taking their foot off the brake.
The futures contracts natural gas for December they increased by 10 cents, up to 6.03 dollars, and those of gasoline maturing in the same month fell 1 cent to 2.51 dollars a gallon.
