Crude oil heads for weekly loss awaiting China recovery signs
时间:2024-06-26 09:24:53 阅读(143)
Oil prices made modest gains in early trade on Friday but were heading for a second straight week of losses, as the market looked for more signs of a strong recovery in fuel demand in China to offset looming slumps in other major economies. Brent crude futures rose 16 cents, or 0.2%, to $82.33 a barrel at 0110 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 18 cents, or 0.2%, to $76.06 a barrel.
So far this week, Brent has dropped by 4.8%, extending a 1.1% loss from the previous week. WTI has fallen by 4.5% after sliding 2% in the prior week. Mixed signs of a fuel demand recovery in China, the world’s top oil importer, have kept a lid on the market. ANZ analysts pointed to a sharp jump in traffic in China’s 15 largest cities following the Lunar New Year holiday, but also noted that Chinese traders had been “relatively absent” from markets.
While supported by a weaker greenback, oil’s gains have been limited by the prospect of slow growth in the United States, the world’s biggest oil consumer, and recessions in places including Britain, Europe, Japan and Canada.
“The crude demand outlook needs a clear sign that China’s reopening will be smooth, and that the U.S. economic growth momentum does not deteriorate quickly,” OANDA analyst Edward Moya said in a note.
猜你喜欢
- ASEAN Defence Ministers’ Meet- Rajnath Singh calls for urgent efforts to counter global terrorism, co-chairs meet with Cambodia’s Dy PM – Check photos here
- Apple WWDC 2023- People gather to have a look at Gen-Z products! Vision Pro AR headset steals the show – See Photos
- Nifty would resume upmove only above 17700, trend on India VIX indecisive; check bull, bear cases setup
- Zee’s Punit Goenka pays Rs 50 lakh to settle insider trading case
- Year of concerts- From Taylor Swift’s Eras Tour To Madonna’s Celebration Tour
- Year-Ender 2023- Securing the noose on cybersecurity
- Nifty to touch fresh high or fall in trade- See SGX Nifty, FII data, US shares, more before market opens
- Will Nifty top 19500 or give up gains- See GIFT Nifty, FII data, F&O ban, crude, more before market opens
- As SEBI expands, a look at what it entails in terms of consistency and growth