Oil ticks higher after China moves to support flagging economy
时间:2024-09-29 02:13:09 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
- Tata Steel shares jump, TRF hits lower circuit, Tinplate, Tata Metaliks fall after board okays mega merger
- Will Nifty hit a new all time high above 21,700 or dip ahead- See GIFT Nifty, FII data, F&O ban, crude, more before market opens
- Wipro Q4FY23 net profit falls to Rs 3,149 crore, revenue at Rs 23,190 crore; Rs 12,000 crore buyback approved
- Xiaomi banks on integrated smartphones for next growth phase
- Closing Bell- Indian Indices sustains to close in green- Nifty holds 19,440, Sensex over 64,970; Bank Nifty sheds 79 points
- Wimbledon 2023- Carlos Alcaraz triumphs over Novak Djokovic! Cheers and tears follow magnificent finals
- China Covid scare keeps markets on tenterhooks
- Tata Motors rating – Buy- A good show in Q4 in the face of challenges
- Windfall tax raised on crude, fuels; check duty hikes on diesel, petrol, ATF exports, local crude oil