Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery.
Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery.
Brent crude futures were down 65 cents, or 0.9%, at $71.91 a barrel by 0450 GMT. U.S. West Texas Intermediate crude futures were down 62 cents, or 0.9%, at $68.08.
For the week, Brent is set to fall 2.7% while WTI is set to decline 3.3%.
"While oil prices have somewhat stabilised around the $71.00 level of support this week, the lack of a concrete bullish catalyst suggests that price recovery remains tepid for now," Yeap Jun Rong, market strategist at IG, said in an email.
The prospect of higher supplies from the U.S. and OPEC+ along with doubts over China's economic recovery continue to be of concern, while the odds of a December rate cut are now "closer to a coin flip" under a less dovish Federal Reserve, Yeap added.
China's oil refiners in October processed 4.6% less crude than a year earlier, falling year-on-year for a seventh month, amid the closures of some plants and reduced operating rates at smaller independent refiners, data from the National Bureau of Statistics showed on Friday.
The decline in run rates occurred as China's factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending increased, government data showed.
Oil prices also fell this week as major forecasters indicated market fundamentals remained bearish.
The International Energy Agency forecast global oil supply will exceed demand in 2025 even if cuts remain in place from OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, as rising production from the U.S. and other outside producers outpaces sluggish demand.
U.S. crude inventories last week rose by 2.1 million barrels, the Energy Information Administration (EIA) said on Thursday, much more than analysts' expectations for a 750,000-barrel rise.
Gasoline stocks fell by 4.4 million barrels last week to the lowest since November 2022, the EIA said, compared with analysts' expectations in a Reuters poll for a 600,000-barrel build. Distillate stockpiles, which include diesel and heating oil, also fell unexpectedly by 1.4 million barrels, the data showed.
Prince Harry is facing accusations of “harassment and bullying at scale” from Sophie Chandauka, the chair of Sentebale, a charity he co-founded to help young people with HIV and AIDS in Lesotho and Botswana.
Russian drones struck a military hospital, shopping centre, apartment blocks, and other targets in Kharkiv, Ukraine’s second-largest city, late on Saturday. The attacks resulted in the deaths of two people and injuries to at least 25 others, according to local officials and the Ukrainian military.
Syrian President Ahmed al-Sharaa announced a transitional government on Saturday, marking a key milestone in the country’s shift away from decades of Assad family rule and aimed at improving Syria's relations with the West.
Hamas has signaled acceptance of a Gaza ceasefire plan put forward by mediators Egypt and Qatar, according to the group’s chief negotiator Khalil al-Hayya. In a televised speech on Saturday, al-Hayya stated that Hamas had received the proposal two days prior and responded positively.
Ukrainian President Volodymyr Zelenskyy said on Saturday that Ukraine expects a firm response from Western countries to the relentless Russian drone attacks occurring almost daily on its territory.
Russian drones struck a military hospital, shopping centre, apartment blocks, and other targets in Kharkiv, Ukraine’s second-largest city, late on Saturday. The attacks resulted in the deaths of two people and injuries to at least 25 others, according to local officials and the Ukrainian military.
Prince Harry is facing accusations of “harassment and bullying at scale” from Sophie Chandauka, the chair of Sentebale, a charity he co-founded to help young people with HIV and AIDS in Lesotho and Botswana.
Syrian President Ahmed al-Sharaa announced a transitional government on Saturday, marking a key milestone in the country’s shift away from decades of Assad family rule and aimed at improving Syria's relations with the West.
Hamas has signaled acceptance of a Gaza ceasefire plan put forward by mediators Egypt and Qatar, according to the group’s chief negotiator Khalil al-Hayya. In a televised speech on Saturday, al-Hayya stated that Hamas had received the proposal two days prior and responded positively.
Ukrainian President Volodymyr Zelenskyy said on Saturday that Ukraine expects a firm response from Western countries to the relentless Russian drone attacks occurring almost daily on its territory.
Royal Australian Air Force (RAAF) pilots, monitoring a Chinese navy warship as it navigated Australian waters, were alerted to a live-fire exercise via a civilian radio broadcast, defense officials revealed on Tuesday.
A powerful 7.7-magnitude earthquake struck Myanmar’s Sagaing region, followed by a 6.4-magnitude tremor, killing more than 1,644 people and leaving 2,300 injured. The quake caused building collapses in Myanmar and Thailand, prompting emergency declarations and ongoing rescue efforts.
As the world shifts toward clean energy at an ever-accelerating pace, large economies are scrambling to secure reliable supply chains for rare earth minerals. These minerals, once seen as mere industrial components, have become a political tool in the global power struggle
Russian forces carried out a drone attack on Ukraine’s second-largest city, Kharkiv, late Wednesday, injuring at least twenty one people and causing structural damage, according to Ukrainian officials.
A devastating overnight drone attack on Kyiv, attributed to Russian forces, resulted in the deaths of three people, including a five-year-old child, and left ten others injured.
The International Monetary Fund (IMF) Executive Board has completed the Seventh Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about $0.4 billion, which will be allocated for budget support.
Elon Musk’s xAI has acquired his social media platform X in a $33 billion all-stock deal.
Popular coffee brands are negotiating price hikes with retailers due to a sharp rise in arabica costs, with some supermarket shelves running out of stock. Prices may increase by up to 25% as companies grapple with supply chain pressures.
Zhang Yiming, the founder of Bytedance and owner of TikTok, has become China’s richest person, according to multiple wealth rankings. Bloomberg Billionaires Index places him as the world’s 24th wealthiest individual, with his fortune estimated between $57.5 billion and $65.5 billion.
Canada has suspended Tesla rebate payments and barred the automaker from future EV incentives due to U.S. tariffs. Transport Minister Chrystia Freeland said the freeze will remain until claims are individually reviewed.
Russian drones struck a military hospital, shopping centre, apartment blocks, and other targets in Kharkiv, Ukraine’s second-largest city, late on Saturday. The attacks resulted in the deaths of two people and injuries to at least 25 others, according to local officials and the Ukrainian military.
Prince Harry is facing accusations of “harassment and bullying at scale” from Sophie Chandauka, the chair of Sentebale, a charity he co-founded to help young people with HIV and AIDS in Lesotho and Botswana.
Syrian President Ahmed al-Sharaa announced a transitional government on Saturday, marking a key milestone in the country’s shift away from decades of Assad family rule and aimed at improving Syria's relations with the West.
Hamas has signaled acceptance of a Gaza ceasefire plan put forward by mediators Egypt and Qatar, according to the group’s chief negotiator Khalil al-Hayya. In a televised speech on Saturday, al-Hayya stated that Hamas had received the proposal two days prior and responded positively.
Ukrainian President Volodymyr Zelenskyy said on Saturday that Ukraine expects a firm response from Western countries to the relentless Russian drone attacks occurring almost daily on its territory.
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