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Jakarta, Spami-id.com - Raw oil prices went up thin on Wednesday's trade (14 / 9 / 2022), as the predicted increase in global fuel demand, which tied market concerns for the rise in US Federal Reserve interest rates.
Trade data until 9: 47 p.m. shows Brent's oil at the Intercontinental Exchange (ICE) for the November contract grew 0.17 percent to 93.33 US dollars per barrel.
Whereas the West Texas Intermediate crude oil at the New York Mercantile Exchange (NYMEX) for delivery November is down 0.22 percent by 87.08 US dollars per barrel.
Previously, the nation-exporting Organization (OPEC) on Tuesday (13 / 9 / 2022) predicts an increase in demand for oil at global levels in 2022 and 2023.
OPEC estimates that the demand for oil will increase by 3.1 million barrels a day in 2022 and 2.7 million bph in 2023, as in a monthly OPEC report.
It signals that the global economy will grow better even if it's still hampered by an inflation surge.
"The tough oil price movement shows that supply shortages are still a major problem in the physical market, especially after OPEC maintains positive request prospects," said Analyst CMC Markets, Tina Teng, covered by Reuters, Wednesday (14 / 9 / 2022).
The increase in oil prices is also supported by reports that government Joe Biden is considering refilling his strategic oil reserves, as well as lower market expectations of the return of the 2015 nuclear deal between West and Iran.
However, the US inflation report of 8.3 percent seems to lower hope for investors in the decline of Fed-interest policy.
