Oil prices rose during trading today, Thursday, with investors evaluating the future vision of supply and demand after the large increase in the US interest rate decided by the Federal Reserve yesterday.
The Federal Reserve raised the US interest rate by 75 basis points, the largest pace since 1994, in order to counter rising inflation.
US oil production rose to 12 million barrels per day last week, hitting that level for the first time since early 2020, according to Energy Information Administration data.
Brent crude futures for August delivery rose 0.37%, or 44 cents, to $118.95 a barrel.
US crude futures for July delivery also rose by 0.53%, or 61 cents, at $115.92 a barrel.
