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.
United States prepares for the possibility of sustained, weeks-long military operations against Iran, two U.S. officials told Reuters as the images of...
The Somali Army carried out a targeted airstrike in southern Somalia, killing 15 al-Shabaab militants, the country’s Defence Ministry said on Sunday...
Israel’s cabinet on Sunday approved measures aimed at expanding state oversight of land in the occupied West Bank and facilitating land purchases by...
...
Iran is pursuing a nuclear agreement with the U.S. that delivers economic benefits for both sides, an Iranian diplomat was reported as saying on Sunda...
United States prepares for the possibility of sustained, weeks-long military operations against Iran, two U.S. officials told Reuters as the images of the USS Abraham Lincoln carrier strike group sailing and flying in formation were released on Sunday.
The Somali Army carried out a targeted airstrike in southern Somalia, killing 15 al-Shabaab militants, the country’s Defence Ministry said on Sunday.
Israel’s cabinet on Sunday approved measures aimed at expanding state oversight of land in the occupied West Bank and facilitating land purchases by settlers, a move Palestinian officials described as a 'de-facto annexation.'
U.S. President Donald Trump said on Sunday that member states of the newly formed Board of Peace will announce pledges exceeding $5 billion for Gaza’s reconstruction during a gathering in Washington this week.
U.S. Ambassador to NATO Matthew Whitaker said China has the power to bring an end to Russia’s war in Ukraine, arguing that Beijing is enabling Moscow’s military campaign.
American figure skating star Ilia Malinin endured a dramatic collapse in the men’s free skate on Friday night, falling twice and tumbling out of medal contention at the Milan Cortina Winter Olympics as Kazakhstan’s Mikhail Shaidorov surged to a surprise gold medal.
“Respected and feared globally,” U.S. President Donald Trump told troops at Fort Bragg on Friday (13 February), framing America’s renewed strength against to mounting pressure on Iran amid stalled nuclear talks.
Speaking at Munich Security Conference, Ukrainian foreign minister Andrii Sybiha calls for decisive steps ahead of expected Geneva talks
Thousands of fans packed River Plate’s Monumental Stadium in Buenos Aires on Friday for the first of three sold-out concerts by Puerto Rican reggaeton star Bad Bunny, as part of his “Debí Tirar Más Fotos” World Tour.
Millions of Colombian roses have arrived in the United States just in time for Valentine’s Day, keeping the country on track as the world’s second-largest flower exporter. Between 15 January and 9 February, Colombia shipped roughly 65,000 tons of fresh-cut blooms.
Russia’s car market is continuing to receive tens of thousands of foreign-brand vehicles via China despite sanctions imposed after Moscow’s full-scale invasion of Ukraine in 2022, a journalistic investigation has found.
Türkiye’s national energy company, TPAO, has struck a new cooperation deal with U.S. energy giant Chevron, signing a memorandum of understanding to explore joint oil and gas exploration and production opportunities, the Turkish Energy and Natural Resources Ministry announced on Thursday.
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment