Crude oil prices rise as market awaits possible OPEC+ cuts
时间:2024-06-26 06:32:23 阅读(143)
Oil prices rose on Friday in early Asian trade as markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend amid positive sentiment over U.S. monetary policy and Washington’s debt ceiling bill. Brent crude futures rose 13 cents, or 0.18% to $74.41 a barrel by 0115 GMT, while U.S. West Texas Intermediate crude (WTI) rose 15 cents, or 0.21%, to $70.25 a barrel, following two consecutive days of sliding crude prices.
Markets were reassured by signals of a potential pause in rate hikes by the Federal Reserve as well as the House of Representatives’ passage of a bill suspending the U.S. government debt ceiling, likely staving off a calamitous sovereign default. The U.S. debt ceiling bill is currently awaiting approval by the Senate, which Democratic Majority Leader Chuck Schumer has said will stay in session on Thursday night U.S. time until it is passed.
Ministers from key oil producing countries will decide whether to further trim output to support government revenues.Further reductions in OPEC+ output following their surprise cut of 1.16 million barrels per day in April would be bullish for crude prices.Signals on any such cut have been varied, with Reuters reporting and analysts from banks including HSBC and Goldman Sachs indicating that further outputs cuts are unlikely and that the bloc would adopt a “wait and see” approach.
Other market observers have pointed to weak manufacturing data out of China and the U.S. as supporting the case for OPEC+ cuts.In the U.S., Institute for Supply Management (ISM) said on Thursday that its manufacturing PMI fell to 46.9 last month from 47.1 in April, the seventh-straight month that the PMI stayed below the 50 threshold, indicating a contraction in manufacturing activity in the world’s largest oil consumer.
Manufacturing data out of China painted a mixed picture, with Thursday’s better-than-expected Caixin/S&P Global China manufacturing PMI contrasting with the previous day’s official government data that reported factory activity in May had contracted to the lowest level in five months.
上一篇:RBZ Jewellers IPO to open on Tuesday; sets price band at Rs 95-100 per share
下一篇:Wipro stock tech pick- Brokerage recommends ‘Buy’, cites higher bottom formation; check target price
猜你喜欢
- Petrol and Diesel Rate Today, 19 July- Some cities see revision; Check rates in Delhi, Mumbai, other cities
- Realme 9i first look, impressions- Design, specs, features, and everything to know
- Petrol and Diesel Rate Today, 24 June- Some cities see revision; Check rates in Delhi, Mumbai, other cities
- Petrol, Diesel Price Today, 15 Sep 2022- Fuel cost static; check rates in Delhi, Noida, Mumbai, other cities
- Reliance Industries Rating- overweight; Tax rate, depreciation hit earnings
- Petrol and Diesel Rate Today, 23 August- Some cities see revision; Check rates in Delhi, Mumbai, other cities
- Mahindra & Mahindra Rating- Buy - New launches brighten outlook
- Refiners likely to start reducing fuel prices soon as margins improve
- Petrol and Diesel Rate Today, 19 February- Fuel prices steady; Check rates in Delhi, Mumbai, other cities