Oil ticks higher after China moves to support flagging economy
时间:2024-06-29 02:53:00 阅读(143)
Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand.
Brent crude rose 22 cents, or 0.3%, to $84.70 a barrel by 0049 GMT while U.S. West Texas Intermediate crude was at $80.08 a barrel, up 25 cents, or 0.3%.
“Unfortunately, after last week’s modest (Chinese central bank interest) rate cut, the announcements above amount to another piecemeal measure that won’t alter investor gloom towards China,” he added.
China’s manufacturing purchasing managers’ index (PMI) due later this week will likely reveal more dour economic news around the world’s second-biggest economy, Sycamore said. The PMI is likely to remain in contraction territory for a fifth consecutive month, he added.
CMC markets analyst Tina Teng said a soft-landing scenario for the U.S. economy buoyed energy markets on Monday despite the Federal Reserve’s ongoing hawkish stance on rate hikes.
Brent and WTI posted a second week of loss on Friday after Fed Chair Jerome Powell said the U.S. central bank may need to raise rates further to cool still-too-high inflation.
However, oil prices remained above $80 a barrel on support from falling oil inventories and supply cuts from the OPEC+ collective of oil producers.
In the United States, energy firms cut the number of active oil rigs for a ninth month in August, Baker Hughes said in its report.
Also, Tropical Storm Idalia has formed in the Caribbean and could strengthen into a hurricane and hit Florida.
The hurricane is forecast to miss oil and gas centres in the Gulf and the most likely impact is a day or two of power outages, said IG’s Sycamore. That “should see some short term support for the oil price”, he said.
猜你喜欢
- Adani Group stocks survive MSCI indices review for now, but sword hangs over weightage; this is what can hurt
- Petrol and Diesel Rate Today, 12 March- Fuel prices unchanged; Check rates in Delhi, Mumbai, other cities
- Petrol, Diesel Price Today, 26 Nov 2022- Fuel prices steady; Check rates in Delhi, Mumbai, Noida, other cities
- Exclusive Interview with Karan Johar- Rocky Aur Rani Ki Prem Kahaani was a deliberate attempt to showcase the subtleties of human emotions…
- Explainer- Regulating fractional ownership
- Petrol and Diesel Rate Today, 31 January- Fuel prices untouched, Check rates in Delhi, Mumbai, other cities
- 5 dead as Japan Airlines plane burst into flames after massive collision at Tokyo Airport - Watch
- Eight of top-10 firms add Rs 2 lakh cr in market valuation; Reliance lead gainer
- Petrol and Diesel Rate Today, 16 December- Fuel rates steady; Check prices in Delhi, Mumbai, other cities