U.S. crude prices rose significantly by 2.78% to $79.72 per barrel. This surge was fueled by a decrease in U.S. crude inventories, coupled with a larger-than-expected decline in U.S. gasoline stocks and concerns about potential disruptions in the oil supply following Ukrainian attacks on Russian refineries.
Investors are closely monitoring U.S. retail sales data, the Producer Price Index (PPI) report and jobless claims scheduled for later on Thursday to provide insights into the economic slowdown.
On a positive note, the UK economy showed a slight improvement, with GDP rising by 0.2% in January.
Moving on to other updates, Bitcoin has achieved a major milestone, surpassing silver in market capitalization to become the world’s eighth-largest asset by market cap.
