Oil on the rise due to increased demand in China and the pause in interest rates by the Federal Reserve

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Oil Prices Surge as Demand Increases

On Thursday, June 15, the prices of Brent and West Texas Intermediate (WTI) crude oil experienced a significant increase of over one percent, as reported by Bloomberg Energy. Brent futures rose by 1.86 percent, while West Texas Intermediate saw a 1.98 percent gain at 11:20 a.m. ET.

This surge in oil prices can be attributed to a 15.4 percent rise in refinery operations in China, the world’s largest crude oil importer. The Kuwait Petroleum Corporation (KPC) CEO also mentioned the projected increase in demand in the country. However, these gains have been limited by the weak economic outlook.

Moreover, the energy markets are currently dissecting the latest decision made by the US Federal Reserve (Fed) regarding their monetary policy. The Fed announced a pause in the interest rate hikes, which had been in effect for an entire year.



*FED DOT PLOT SHOWS MEDIAN RATE FORECASTS RISE TO 5.60% END-’23, 4.60% END-’24 pic.twitter.com/hPo7LgxIcQ

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Texas and Brent Oil Barrel Prices Today, June 15: Trading Figures

According to the latest update from Oil Price Charts, a reputable website providing information on over 150 oil indices and mixes, the current trading prices for a barrel of Brent crude and West Texas Intermediate today, June 15, are $74.86 and $69.93 respectively.

Yesterday, on June 14, Brent crude was priced at $73.85 per barrel and West Texas Intermediate at $68.93 per barrel.

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