“Crude oil prices” surge to 4-month high amid cold weather and China’s economic stimulus measures
“Crude Oil Prices” Soar to 4-Month High, Brent Surpasses $76, WTI Nears $75, Affected by Cold Weather and China’s Economic Stimulus Measures
On January 6, 2568, Reuters news agency reported that Crude oil prices rose to their highest levels since October. As investors eye the impact of cold weather in the Northern Hemisphere and China's economic stimulus measures on global oil demand.
Brent crude oil futures pricesIt rose 15 cents, or 0.2 percent, to $76.66 a barrel at 01.25:14 GMT after closing on Friday, its highest level since Oct. XNUMX. US West Texas Intermediate (WTI) crude oil price It rose 22 cents, or 0.3 percent, to $74.18 a barrel after closing on Friday, its highest level since Oct. 11.
China is accelerating its economic stimulus to revive its sluggish economy after announcing on January 3 that it would significantly increase its ultra-long-dated Treasury bonds in 68 to boost business investment and promote consumer initiatives.
The People's Bank of China also said it would reduce banks' reserve requirement ratios and interest rates at the appropriate time.
Last year, slowing economic growth and a shift to cleaner fuels in the transport sector weighed on crude oil imports and fuel demand in China, the world's largest oil importer and second-largest consumer.
On the manufacturing side, Goldman Sachs expects Iran's production and exports to decline in the second quarter. As a result of expected policy changes and tougher sanctions from the administration of US President-elect Donald Trump.
It is expected that oil production from OPEC producers may fall by 300,000 barrels per day to 3.25 million barrels per day in the second quarter. Energy services firm Baker Hughes said in a weekly report that the number of U.S. oil rigs drilling for oil, a key indicator of future production, fell by one to 1 last week.
refer : reuters.com
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