Oil prices rise… Brent crude is above $80

During today’s trade on Thursday, November 9 (2023), oil prices rose in an attempt to recoup some of the losses incurred in the previous two sessions.

It comes as markets ignore signs of deflation in China and look for more evidence of a demand situation from the world’s biggest oil consumer.

Yesterday, Wednesday, November 8, oil prices ended trading up 2.5%, extending losses after a sharp decline in yesterday’s session and recording their lowest level since mid-July.

Oil price today

As of 07:01 AM GMT (10:01 AM Mecca time), Brent crude oil futures – for January 2024 delivery – rose 0.67% to $80.07 a barrel.

At the same time, US West Texas Intermediate crude futures – for December 2023 delivery – rose 0.56% to $75.75 a barrel, according to figures seen by the specialist energy site.

Oil prices rallied after the two main crudes fell more than 2% since mid-July yesterday, as worries about a potential supply disruption in the Middle East eased and worries about the US and China rose. Request

Oil price analysis

“The quiet gains reflect pre-existing reservations as macroeconomic and technical factors give sellers the upper hand for now,” said Yip Jun Rong, IG market strategist.

He said Thursday’s gains reflected an attempt to stabilize oil prices after a strong sell-off in previous days. Reuters.

A tanker near a Russian port – photo from Reuters

Meanwhile, Chinese inflation data released on Thursday showed CPI for October fell 0.2% year-on-year, while producer price index data fell 2.6% year-on-year.

That was in line with a Reuters poll forecast for a 0.1% decline in the CPI and a 2.7% decline in the producer price index.

See also  Future iPhone ?! Patent reveals an "exciting design" that Apple works with!

China’s total exports of goods and services shrank faster than expected, customs data showed earlier this week, despite the country’s strong crude oil imports in October.

Oil is required

On the positive side for oil demand, China’s central bank governor Pan Gongsheng said the country is expected to meet its 5% annual growth target this year.

For the US, inventory data may indicate weak demand; US crude stockpiles rose by 11.9 million barrels in the week ended November 3, the sources said, citing figures from the American Petroleum Institute.

If confirmed; That would mark the biggest weekly increase since February, however, as the US Energy Information Administration delayed the release of weekly oil inventory data until November 15 in order to update the system.

For its part, Barclays on Wednesday cut Brent crude oil prices by $4 to $93 a barrel in 2024, pointing to the flexibility of US oil supplies and a rise in Venezuelan output after the easing of sanctions on the Latin American producer. .

Related topics..

Also read this…

Subscribe to the newsletter to receive the most important energy news.

  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 22 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Where to Get a Professional Massage in Dubai

    Where to Get a Professional Massage in Dubai

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare