Optimistic statements of Fed Chair Janet Yellen about the prospects for the US economy were another argument in favor of raising interest rates this year. The probability of the soon interest rate hike triggered a slight rise in global oil prices.
Janet Yellen dropped a clear hint that the central bank will consider an increase in US interest rates in case it sees the national economy continues strengthening and inflation rises to a level slightly below 2%.
Comments of the Fed’s chief resulted in a rise of energy prices. Thus, Brent crude for May delivery, the benchmark for global oil prices, advanced by 1.29% on London's ICE Futures exchange to $55.13 a barrel. Meanwhile, futures for delivery in April gained 1.99% climbing to $45.72 a barrel on the New York Mercantile Exchange.
Totally, Brent crude was up 5% trading at $56.5 a barrel, while West Texas Intermediate crude rose 2.26% to $44.44 a barrel. Interestingly, another downtrend proved to be minor correction. Despite forecasts of most experts, oil prices failed to hit the 30-40 dollar mark.
