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

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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

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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

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