14/11/2019
(Reuters)
Oil prices rose on Wednesday thanks to upbeat economic comments from Jerome Powell, chairman of the Federal Reserve (the US central bank) and the Organization of the Petroleum Exporting Countries (OPEC) ahead of the weekly report of the US stocks.Brent futures rose 31 cents, or 0.5 percent, to settle at $ 62.37 a barrel, while US West Texas Intermediate crude rose 32 cents, or 0.6 percent, to close at 57.12 dollars a barrel.
Jim Ritterbusch, president of Ritterbo & Associates in Galena, Illinois Said that"The market got leverage today ... from a rebound in risk appetite that seemed to be fueled by ... Powell's testimony that confirmed growth and kept interest rates low,"
Powell said the US economy would see a "sustained growth" with the continuation of the full impact of the recent interest rate cuts.
OPEC said it saw no signs of a global recession and that rival US shale oil production could grow much less than expected in 2020.
