Oil prices rose in Asian trade today. Investors evaluated the minutes of the last meeting of the US Federal Reserve Board against the backdrop of persistently high inflation, Reuters reported, writes BTA.
North Sea Brent futures, Europe's benchmark, rose 5 cents to $81.41 a barrel.
U.S. light crude oil futures rose 2 cents to $76.89 a barrel.
Both contracts fell yesterday, with Brent futures trading at their lowest level since January and US light crude oil futures hitting a three-month low.
"The possibility of higher interest rates for a longer period" weighed heavily on oil prices this week," said Priyanka Sachdeva, senior analyst at Philip Nova. (Phillip Nova).
Minutes released Wednesday from the latest meeting of the US Federal Reserve Board (FRA) revealed that some members of the institution's board of directors doubt whether current interest rates are high enough to reduce stubborn inflation.
>
"Various participants mentioned a readiness to tighten policy further if risks to inflation materialize in a way that would make such action appropriate," the minutes of the latest meeting of the IMF stated.
Higher rates could slow economic growth and reduce fuel demand.