Crude oil price rises after sharp falls last week

Price of Brent crude rose to $83.10 a barrel.

Crude oil prices rose by more than $1 per barrel in muted trade on the outlook for US interest rates. The price of Brent crude rose to $83.10 a barrel after the global benchmark lost about 2% last week when US Federal Reserve minutes showed some officials would be willing to raise interest rates further if it were deemed necessary to control stubbornly high inflation in the US.

Delayed cuts in US rates could dampen economic activity and curtail oil consumption in one of the world's largest consumers. Recent data emanating from Western economies has shifted rate cut expectations depending on geography.