Oil rose 1% in choppy trade on Chinese demand hopes – #Oil #rose #choppy #trade #Chinese #demand #hopes
HOUSTON, Feb 6 (Reuters) – Oil fell on Monday as markets assessed a rebound in demand from China on supply concerns and fears of slower growth in major economies curbing consumption. prices rose in sharp trading on Monday.
Brent oil April futures 79,10-81.25 dollars 1.05 after trading between dollars or 1.3% to 80.99 per barrel dollars has been
West Texas Intermediate (WTI) was up 72 cents, or 1%, at $74.41 a barrel, after hitting a low of $72.25 at $74.11.
Pricesrose on prospects for China’s recovery after the easing of COVID-19 restrictions.
The International Energy Agency (IEA) expects China to account for half of global oil demand growth this year, the agency’s chief said on Sunday as demand for jet fuel increased.
However, holding back gains on Friday USAemployment growth in , the Federal Reserve’s interest rate hikes will not end in a hard economic downturn, and USA raised expectations that the central bank could hold more than one rate hike, which could slow and dampen economic growth. fuel demand.
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The dollar also rose to a three-week high against the euro on Monday. A strong dollar reduces demand for dollar-denominated oil by buyers who usually pay in other currencies.
“You have a strong dollar, you’re generally at risk,” said Robert Yawger, managing director of energy futures at Mizuho.
WTI and Brent, USAfell 3% last Friday after strong jobs data from
Supply concerns continued to weigh on markets as operations at Turkey’s Ceyhan oil terminal ground to a halt following a strong earthquake in the region.
Azerbaijan The BTC terminal, which exports its oil to international markets, will be closed on February 6-8 while operators assess the damage caused by the earthquake.
However, a preliminary Reuters poll showed U.S. crude inventories rose by nearly 2.2 million barrels last week.
Also, Russia price restrictions on their products came into force on Sunday, Group of Seven countries, European Union and Australia, per barrel of diesel and other products traded at higher prices than crude oil 10They agreed on 0 dollars and limits of 45 dollars per barrel of traded products. with a discount like fuel oil.
Reporting by Noah BrowningAddition by Sonali Paul in Melbourne and Emily Chow in Singapore report Edited by Marguerita Choy, David Goodman, and Kevin Liffey
Our standards: Thomson Reuters Trust Principles.
2023-02-07 04:33:09
Source – reuters
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