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Crude oil futures rose more than 1% during the US session as Nymex crude rebounded from its lowest since June 22 and Brent crude was the lowest since July 18 while contracts are still in its second consecutive weekly loss, On the rise of the dollar index to the highest since July 5 of last year 2017, according to the inverse relationship between them following the developments and economic data that followed Friday on the US economy, the largest consumer of energy globally.
US crude futures for November delivery rose 1.14% to $ 67.57 a barrel from $ 66.81 a barrel, and Brent crude futures rose 15% Up 1.12% to trade at $ 72.88 a barrel compared to the opening at $ 72.07 per barrel, while the dollar index rose 0.95% to currently trading at levels of 96.41, the highest in thirteen months compared to the opening at 95.50.
We have followed the US economy, the world's largest economy, to reveal inflation data according to the consumer price index, which showed that inflationary pressures accelerated to 0.2% in line with expectations compared to 0.1% in June, while the core reading of the same index showed stable growth at 0.2% in line with expectations, unchanged from the previous reading for the month of June.
The annual reading of the consumer price index showed a steady growth rate of 2.9% in line with expectations, unchanged from the previous June reading, while the core annual reading showed a rapid growth rate of 2.4% compared to the annual reading Prior to June and expectations at 2.3%.
This came hours after the Energy Information Administration report on Wednesday showed a 1.4 million-barrel shortfall last week on August 3 versus a surplus of 3.8 million barrels in the previous week's reading, in contrast to expectations of a deficit of 2.8 million barrels, Inventories to 407.4 million barrels, while inventories are still 1% below the average of the past five years for such a time of year.
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