Open Demo Account
Home / Market Update / Commodities / Oil prices are rising, supported by the recovery of Chinese demand

Oil prices are rising, supported by the recovery of Chinese demand

Adel 13 March, 2023 12:07 pm Commodities, Market Update

Oil prices rose on Monday after a weak start as recovering Chinese demand and a weaker dollar supported a market wary of further hikes in US interest rates.

By 0410 GMT, Brent crude futures rose 19 cents to $82.97 a barrel. West Texas Intermediate crude futures rose 20 cents, or 0.26 percent, to $76.88 a barrel.

Market sentiment is fragile as fears of the US Federal Reserve’s move to further monetary tightening have increased due to rising crude oil inventories in the United States, analysts at (YNZ Bank) said in a note on Monday morning.

A weaker dollar makes oil cheaper for holders of other currencies, which supports oil prices.

Prices were also supported by comments made by Amin Nasser, CEO of Saudi Aramco, on Sunday regarding Chinese demand for crude.

Tags

Check Also

US Dollar looks for catalysts ahead of CPI data, Powell’s testimony

the US Dollar was down 0.80% last week, now at lowest level since mid-June. Anticipation …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends