Oil Hits Highest Level in 8 Weeks Driven by Demand Expectations

Written by Paulo Nogueira

Published on 26/01/2024 at 18:09

22/11/2019 – REUTERS/Angus Mordant – Todos os direitos: CNN Brasil

Be the first to react!

Brent Oil Reaches US$ 83.55/Barrel Due to Weekly Increase.

Oil prices hit a nearly two-month peak on the last day, closing with another weekly gain, as positive economic growth in the United States and signs of Chinese stimulus boosted demand expectations, while concerns about supply in the Middle East added more support.

Brent oil rose US$ 1.12 or 1.36%, to US$ 83.55 per barrel, marking its highest closing value since late November.

The United States West Texas Intermediate (WTI) rose US$ 0.65 or 0.84%, to US$ 78.01 per barrel, also the highest closing since November.

ARTICLE CONTINUES BELOW

Chinese Stimulus Boosts Oil Prices

China’s economic stimulus, along with stronger-than-expected GDP growth in the U.S. in the fourth quarter, contributed to rising oil prices. The inflation data from the U.S. showed a cooling, but ongoing geopolitical risks also played a role. Additionally, a greater-than-expected drop of 9.2 million barrels in U.S. oil stocks last week also influenced the price increase, according to Tim Evans, independent oil market analyst.

Brent and U.S. Index Achieve Highest Weekly Gains Since October

Brent oil and the U.S. benchmark index had weekly gains of over 6%, marking the largest increase since the week ending October 13, during the early stages of the Israel-Hamas conflict in Gaza. This represents a significant boost in oil prices, with the market responding to the combination of factors that contributed to this rise.

Source: CNN Brazil

Oil Hits Highest Level in 8 Weeks Driven by Demand Expectations

Brent Oil Reaches US$ 83.55/Barrel Due to Weekly Increase.

Chinese Stimulus Boosts Oil Prices

Brent and U.S. Index Achieve Highest Weekly Gains Since October

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

Australia prepares to dredge 96.5 million m³ in Moreton Bay to deepen, widen, and realign channels of the Port of Brisbane, in a project of up to 25 years designed to accommodate larger ships and enhance maritime safety and regional port efficiency.

Study solves great ancient mystery: remains of Philip II, father of Alexander the Great, are identified in Vergina and resolves the enigma of the Macedonian royal tombs that had lasted half a century.

Larger than the Toyota Hilux and with a towing capacity of 3.5 tons, the new MG U9 2026 features a 2.5 turbodiesel engine, 520 Nm, 4×4 traction with three locks, and an almost full-size build.

For the first time in history, a submarine cable will descend to four thousand meters deep under the ice of the North Pole to ensure that the internet between Europe and Asia no longer depends on conflict zones in the Middle East.

While the world discusses geopolitics, China is quietly closing a deal with its Kazakh neighbor to secure grain supplies during any global food crisis, with more than 3,600 Kazakh companies already able to export directly to the Chinese market.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

Amid the United States’ economic blockade, China delivers 15,000 tons of rice to Cuba as part of a 60,000-ton donation personally approved by Xi Jinping. The package includes 80 million dollars and solar panels for hospitals.

The James Webb telescope spotted a planet 700 light-years from Earth with mornings full of sand clouds and nights with clear skies, the temperature difference between the two hemispheres reaches an impressive 170 degrees.

Oil Hits Highest Level in 8 Weeks Driven by Demand Expectations

Brent Oil Reaches US$ 83.55/Barrel Due to Weekly Increase.

Chinese Stimulus Boosts Oil Prices

Brent and U.S. Index Achieve Highest Weekly Gains Since October

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

Australia prepares to dredge 96.5 million m³ in Moreton Bay to deepen, widen, and realign channels of the Port of Brisbane, in a project of up to 25 years designed to accommodate larger ships and enhance maritime safety and regional port efficiency.

Study solves great ancient mystery: remains of Philip II, father of Alexander the Great, are identified in Vergina and resolves the enigma of the Macedonian royal tombs that had lasted half a century.

Larger than the Toyota Hilux and with a towing capacity of 3.5 tons, the new MG U9 2026 features a 2.5 turbodiesel engine, 520 Nm, 4×4 traction with three locks, and an almost full-size build.

Farmer drills well in Ceará in search of water, accidentally finds crude oil and sees million-dollar discovery hindered by a rule that completely changes the future of the site.

Family finds oil on a 49-hectare site in Ceará, but exploration has no timeline or guarantee of happening

When drilling an artesian well, a farmer wanted water but found oil: ANP confirms that the dark liquid found by a farmer on a site in Ceará is crude oil.

European stocks rise with oil drop after Trump’s remarks on Iran as investors monitor global tension

While the Brazil-Peru rail has been under study for 11 years, China-Brazil unlock the $18.5 billion bi-oceanic corridor Manaus-Chancay to challenge the Panama Canal

For the first time in history, a submarine cable will descend to four thousand meters deep under the ice of the North Pole to ensure that the internet between Europe and Asia no longer depends on conflict zones in the Middle East.

While the world discusses geopolitics, China is quietly closing a deal with its Kazakh neighbor to secure grain supplies during any global food crisis, with more than 3,600 Kazakh companies already able to export directly to the Chinese market.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

Amid the United States’ economic blockade, China delivers 15,000 tons of rice to Cuba as part of a 60,000-ton donation personally approved by Xi Jinping. The package includes 80 million dollars and solar panels for hospitals.

The James Webb telescope spotted a planet 700 light-years from Earth with mornings full of sand clouds and nights with clear skies, the temperature difference between the two hemispheres reaches an impressive 170 degrees.