Baghdad, Oil prices rose slightly in today’s transactions, Thursday, ending a series of losses that lasted for six consecutive days, caused by growing fears that central banks raising interest rates at greater rates may put pressure on economic growth, which affects the demand for fuel.

West Texas Intermediate crude for April delivery rose 0.1% to $74.05 a barrel at 9:18 a.m. Singapore time.

While Brent crude, April settlement, settled at $80.63 a barrel.

The most recent meeting of the Federal Reserve (the American Central Bank) revealed that the majority of bank officials agreed that the risks of high inflation are still an important factor in formulating monetary policy, which justifies the continuation of raising interest rates until it is controlled .

Oil prices are facing further pressure due to indications of an increase in crude stocks, as market sources said, quoting data from the American Petroleum Institute, yesterday, Wednesday, that fuel stocks increased by 9.9 million barrels last week.

Source: National Iraqi News Agency