Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

Oil gains on China economic data, strong demand forecast

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford
Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Ox... Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford
Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford
Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Ox... Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford

Listen to the article now

One day after the International Energy Agency’s (IEA) increased its projection for this year’s rise in oil demand, oil prices increased on Wednesday due to China’s industrial output and retail sales exceeding estimates.

At 06:47 GMT, U.S. West Texas Intermediate (WTI) crude increased by 15 cents, or 0.2%, to $78.41, while Brent futures gained 18 cents, or 0.2%, to $82.65 a barrel.

October saw a pick-up in economic activity in China, the world’s second-largest economy, as retail sales grew above forecasts and industrial output expanded quickly.

Despite forecasts of weaker economic growth in several major nations, the International Energy Agency (IEA) followed the Organization of the Petroleum Exporting Nations and its allies (OPEC+) in revising its oil demand growth prediction for this year.

The IEA predicts that oil demand will continue to grow. According to a note released by ANZ Research on Wednesday, better-than-expected consumption in China led to an increase in its projection.

The U.S. dollar (.DXY) fell to a two-and-a-half-month low versus a basket of other currencies due to lower U.S. inflation data that raised expectations for an interest rate decrease by the Federal Reserve next spring. Because purchasers paying in different currencies may purchase crude at a lower price, a declining dollar might increase oil demand.

On Wednesday, the U.S. Energy Information Administration (EIA) will make public its first update on the oil inventory in the last two weeks. Because of a systems update, the EIA could not produce a storage report last week.

As per a Reuters poll, oil companies are expected to have added around 1.8 million barrels of crude to U.S. stocks for the week ending Nov. 10, which aligns with the findings of the American Petroleum Institute released on Tuesday.


Comment Template

You May Also Like

Business

India’s Economy Surpasses Predictions, Records Impressive 8.4% India has once again secured its position as the fastest-growing major economy globally, reporting an impressive expansion...

Economy

Gaza Post-War Plan Disclosed by Israel’s PM Netanyahu Israeli Prime Minister Benjamin Netanyahu has outlined his vision for post-war Gaza, proposing that Israel would...

Economy

Israel’s Economy Contracts More Than Anticipated Official figures reveal that Israel’s economy contracted more than anticipated in the aftermath of the conflict with Hamas...

Business

Small Business Marketing With Limited Time and Resources Thriving Against the Odds: The Ultimate Guide to Small Business Marketing on a Tight Schedule and...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok