Oil ticks higher after China moves to support flagging economy
时间:2024-06-16 21:54:58 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.
上一篇:Govt cracks down on offshore e-gaming apps, blocks many
下一篇:YearEnder2023- From Barbie to Koffee with Karan, a sneak peek into CGI ads rolled out this year
猜你喜欢
- Gold Price Today, 30 January 2023- Prices flat as traders eye US Federal Bank’s rate hike verdict
- Taking a second home loan- First assess your financial readiness
- Stocks To Watch- TVS Motors, Vedanta, LIC, SAIL, Info Edge, DMart, Indian Oil, IIFL Finance, Cochin Shipyard
- Fairfax-backed Go Digit General Insurance files IPO papers with Sebi
- Tamilnad Mercantile Bank, Tata Steel, Paytm, IDBI Bank, HFCL, GR Infra stocks in focus on weekly F&O expiry
- FDI inflows to ‘rebound’ in coming months- MoF
- FII blues make markets see red; Rs 5
- Strong Q2 drives SBI, BoB stocks to new highs
- FII, DII data- FPIs sold shares worth Rs 758 cr, DIIs bought shares worth Rs 28 cr on September 7, Thursday