Oil prices climbed more than 3 per cent on Tuesday after the head of the US central bank eased market concerns over interest rate increases, while recovering demand in China also boosted prices.
While declining to say whether knowing about the vigor of the data would have affected last week’s 25-basis-point rate rise, Powell told the Economic Club of Washington that the January jobs numbers show “why this will be a process that takes a significant period of time” when it comes to tightening monetary policy.
Saudi Arabia, the world’s top oil exporter, raised prices for its flagship crude for Asian buyers for the first time in six months amid expectations of demand recovery, especially from China.
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