New York: Oil settled over $80 a barrel on Tuesday and recorded its biggest daily gains in over a month, as investors bought up risk assets after US data pointed to slowing inflation. Brent crude futures settled at $80.68 per barrel, up $2.69, or 3.5%. US West Texas Intermediate (WTI) crude futures settled at $75.39 per barrel, up by $2.22, or 3%. A weaker dollar makes oil cheaper for holders of other currencies, which can boost demand. The Organization of the Petroleum Exporting Countries on Tuesday trimmed its first-quarter absolute oil demand forecast and said the global economic slowdown is becoming evident.

Source: Ethiopian News December 14, 2022 02:04 UTC