Marketscreener.com on Nostr: Oil rises as investors bet on tighter supply, China's economy ========== Oil prices ...
Oil rises as investors bet on tighter supply, China's economy
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Oil prices rose on Monday as investors bet on tighter supply from OPEC+ cuts, attacks on Russian refineries, and upbeat Chinese manufacturing data supporting improving demand. Brent crude rose 0.3% to $87.29 a barrel, while U.S. West Texas Intermediate crude was up 0.4% to $83.48 a barrel. Trade volumes are expected to be thin due to Easter holidays. Russian oil companies will focus on reducing output rather than exports in Q2 2024, according to Russian Deputy Prime Minister Alexander Novak. Drone attacks from Ukraine have knocked out several Russian refineries, impacting fuel exports. Europe's oil demand was firmer than expected, rising 100,000 bpd in February. Crude oil production by the United States dropped 6% in January from December's record high. China's manufacturing activity expanded for the first time in six months in March, supporting oil demand. Investors are also watching U.S. economic data for signs of when the Federal Reserve will cut interest rates this year.
#OilPrices #Opec+ #ChineseManufacturing #RussianRefineries #OilDemand
https://www.marketscreener.com/news/latest/Oil-rises-as-investors-bet-on-tighter-supply-China-s-economy-46327266/
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Oil prices rose on Monday as investors bet on tighter supply from OPEC+ cuts, attacks on Russian refineries, and upbeat Chinese manufacturing data supporting improving demand. Brent crude rose 0.3% to $87.29 a barrel, while U.S. West Texas Intermediate crude was up 0.4% to $83.48 a barrel. Trade volumes are expected to be thin due to Easter holidays. Russian oil companies will focus on reducing output rather than exports in Q2 2024, according to Russian Deputy Prime Minister Alexander Novak. Drone attacks from Ukraine have knocked out several Russian refineries, impacting fuel exports. Europe's oil demand was firmer than expected, rising 100,000 bpd in February. Crude oil production by the United States dropped 6% in January from December's record high. China's manufacturing activity expanded for the first time in six months in March, supporting oil demand. Investors are also watching U.S. economic data for signs of when the Federal Reserve will cut interest rates this year.
#OilPrices #Opec+ #ChineseManufacturing #RussianRefineries #OilDemand
https://www.marketscreener.com/news/latest/Oil-rises-as-investors-bet-on-tighter-supply-China-s-economy-46327266/