Friday, March 31, 2023

Crude oil prices gain after positive US economic data

by Shadia Nasralla

LondonJan 27 – Oil prices rose for the second straight session, buoyed by stronger-than-expected economic growth in the United States and hopes of a faster recovery in demand from China.

* 0930 hrs gmtBrent futures were up $1.15, or 1.3%, at $88.62 a barrel, and West Texas Intermediate in the United States was up $1.01, or 1.3%, at $82.02.

* Both benchmarks corrected more than 1% on Thursday and were on track for a third straight week of gains.

* representatives of OPEC+ Crude will meet next week to review production levels and sources in the producer group expect no change to the current policy.

* The US Federal Reserve’s next decision on interest rates will be taken at a meeting between January 31 and February 1, against a backdrop of slowing inflation and 2.9% GDP growth. forecast above in the fourth quarter.

* “The positive data series has lifted oil prices,” said Stephen Brennock, an analyst at the tub,

* earnings of WTI Oil futures pricing hub constrained by 4.2 million barrel build-up in Cushing nymaxThis week.

* In China, severe cases of covid-19 are down 72% from the peak at the start of the month, while daily deaths in hospitals are down 79% from their peak, pointing to a normalization of the Chinese economy and boosting hopes of a recovery in oil demand.

Nation World News Desk
Nation World News Desk
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