Oil prices rise in a week after volatile data on demand

Oil

Oil prices posted a weekly high, although trading ended slightly lower on Friday following a volatile session that saw prices fall more than a dollar a barrel as traders tried to absorb mixed signals about the level of demand for oil next year.

Price movements

Over the past week, oil prices rose, with Brent crude up 0.94 percent to $76.55 a barrel, and US West Texas Intermediate crude up 0.28 percent to $71.43 a barrel.

Brent crude fell 6 cents, or 0.08 percent, while West Texas Intermediate crude was down 15 cents, or 0.21 percent, in Friday’s trading settlement.

The market faltered at the start of the session after a survey of manufacturing activity released by the Federal Reserve Bank of New York showed a decline in new orders for a third straight month, possibly a sign of weaker demand for oil next year.

Traders were also hurt by comments from New York Federal Reserve Bank President John Williams on Friday about his hope of cutting interest rates next year.

US Federal Reserve Chairman Jerome Powell said on Thursday that the cycle of raising interest rates aimed at controlling inflation is over, but he left the door open to the possibility of raising them again.

The dollar fell to a four-month low on Thursday after Powell’s comments that he would cut borrowing costs in 2024. The dollar index was mostly flat today on Friday.

A decline in the dollar means lower oil prices for overseas buyers.

Global oil consumption is expected to rise by 1.1 million barrels per day in 2024, the International Energy Agency said in a monthly report, up 130,000 barrels per day from its previous forecast, and attributed to lower U.S. demand expectations and lower oil. Prices.

See also  European manufacturers are facing a contraction due to energy

These estimates for 2024 are less than half of the Organization of the Petroleum Exporting Countries’ (OPEC) forecast for a demand increase of 2.25 million barrels per day.

  • Nadia Barnett

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

    Related Posts

    • Economy
    • November 2, 2024
    • 73 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

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    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