Business Maverick: Oil Halts Losses as China Covid Shift Reduces Demand Concerns

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 84%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

After three days of big losses, the oil market is finally taking a bit of a breather. Prices drifted within little changed territory as traders took a pause to assess whether further signs of China’s economy reopening could help support demand.

of about 5% under consideration. A softer dollar was also supportive for commodities priced in the currency.

Meanwhile, the American Petroleum Institute reported that US stockpiles decreased by more than 6 million barrels last week, according to people familiar with the figures. Official inventories data follow later Wednesday. Crude has so far stumbled into the final month of the year, with the US benchmark heading for the first back-to-back quarterly drop since mid-2019 as central banks tighten monetary policy. Concerns about the global growth outlook, alongside a soft physical market and falling liquidity have weighed on prices.

The latest leg down came at a complex moment, with traders assessing the fall-out from Group of Seven curbs on Russian oil, including a price cap that’s meant to punish Moscow for the war in Ukraine. “Inventories remain quite low, spare capacity is tight,” Francisco Blanch, head of commodity and derivatives research at Bank of America said in a Bloomberg TV interview. “All the demand growth that we forecast for next year is coming from emerging markets.”Brent for February settlement rose 42 cents to $79.77 a barrel.for its international oil sales.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I have lost so much through investing cause I was new and didn't meet the right account manager to invest with. I was at the verge of quitting till I was introduced to JamesAlderson0 and my story changed. its worth a try I can testify this platform. JamesAlderson0

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Metair puts brakes on plan to split business amid Turkish hyperinflation, Ukraine turmoil | BusinessDespite various disruptions, vehicle component and battery manufacturer Metair is upbeat about local car output – but its battery businesses in Turkey and Romania have been hit by hyperinflation and the invasion of Ukraine. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »