Oil ticks higher after China moves to support flagging economy
时间:2024-06-26 13:29:48 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
- Abans Holdings IPO share allotment- know date, GMP; check how to see status online
- 2023 Year-ender- Strategic defence approvals and contracts this year – Here is all you want to know
- Nifty to top 18,888 or give up gains- See SGX Nifty, FII data, US shares, crude oil, more before market opens
- 4 IPOs this week, which one should you pick- Valuations rich, be careful; avoid these stocks - INTERVIEW
- Nifty to reach 18400 if it holds above 18000, Bank Nifty may hit 39100 this week; TCS, Infosys in focus
- ACC announces acquisition of remaining 55% stake in ACCPL at an enterprise value of Rs 775 crore
- Nifty to touch fresh high or fall in trade- See SGX Nifty, FII data, US shares, more before market opens
- Nifty’s trend non-directional, BFSI stocks witness profit-booking; Hindalco, TVS Motors among stocks to buy
- Adani Airports vertical listing in near future after achieving certain triggers- Jeet Adani