Shore News Network on Nostr: Oil falls 1% as China's economic recovery disappoints, dollar firms ========== Oil ...
Oil falls 1% as China's economic recovery disappoints, dollar firms
==========
Oil fell around 1% as China's economic growth disappointed, and the U.S. dollar strengthened. Brent crude futures fell 1.1% to $77.42 a barrel, while U.S. West Texas Intermediate crude futures were down 0.7% at $71.91. The conflicts in the Red Sea did not support oil prices, despite concerns about supply disruptions. The International Energy Agency expects oil markets to be in a comfortable and balanced position this year. China's economy expanded by 5.2% in Q4 2023, missing expectations and raising doubts about Chinese demand for oil in 2024. However, China's oil refinery throughput in 2023 rose 9.3% to a record high. OPEC stuck to its forecast for strong growth in global oil demand in 2024, led by China and the Middle East. The U.S. dollar hovered near a one-month high, reducing demand for dollar-denominated oil. Domestic crude stockpiles in the U.S. were expected to have fallen by about 300,000 million barrels last week.
#Oil #China #EconomicGrowth #U.s.Dollar #RedSea #SupplyDisruptions #Demand #Opec #CrudeStockpiles
https://www.shorenewsnetwork.com/2024/01/17/oil-falls-1-as/
==========
Oil fell around 1% as China's economic growth disappointed, and the U.S. dollar strengthened. Brent crude futures fell 1.1% to $77.42 a barrel, while U.S. West Texas Intermediate crude futures were down 0.7% at $71.91. The conflicts in the Red Sea did not support oil prices, despite concerns about supply disruptions. The International Energy Agency expects oil markets to be in a comfortable and balanced position this year. China's economy expanded by 5.2% in Q4 2023, missing expectations and raising doubts about Chinese demand for oil in 2024. However, China's oil refinery throughput in 2023 rose 9.3% to a record high. OPEC stuck to its forecast for strong growth in global oil demand in 2024, led by China and the Middle East. The U.S. dollar hovered near a one-month high, reducing demand for dollar-denominated oil. Domestic crude stockpiles in the U.S. were expected to have fallen by about 300,000 million barrels last week.
#Oil #China #EconomicGrowth #U.s.Dollar #RedSea #SupplyDisruptions #Demand #Opec #CrudeStockpiles
https://www.shorenewsnetwork.com/2024/01/17/oil-falls-1-as/