Thursday 14/November/2024 – 12:33 AM
Prices rose Oil During volatile trading on Wednesday, as investors digested the US Energy Information Administration’s expectations that global oil consumption would rise by 1.2 million barrels per day to 104.4 million barrels per day next year.
Brent crude futures prices
Upon settlement, futures prices for standard Brent crude for January 2025 delivery rose by 0.55%, or 39 cents, to $72.28 per barrel, after falling to $70.72.
Meanwhile, futures prices for US Nymex crude for December delivery increased by 0.45%, or 31 cents, to $68.43 per barrel, after falling to $66.94.
The administration raised global oil production expectations by 0.1% to 104.7 million barrels per day over the next year, while reducing its estimates for OPEC+ production by 0.2% to 43.3 million barrels per day, and reducing its expectations for American production by 0.1% to 13.53 million barrels per day.
The American Petroleum Institute’s report on oil inventories is expected to be issued later today, and official data on inventories is scheduled to be issued Thursday, amid expectations that crude inventories will rise by 400,000 barrels.
Meanwhile, on Friday, China unveiled a credit package worth 10 trillion yuan ($1.40 trillion) to ease pressures on financing regional authorities, at a time when Beijing, the world’s largest oil importer, faces new pressure due to the re-election of Donald Trump as president of the United States. United.
The dollar rose to its highest levels in four months on Tuesday, and is expected to benefit from policies that will likely keep US interest rates relatively high for a longer period.
