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Oil futures contracts ended another session of the week in the negative, due to weakening demand signals from the Chinese economy.
Oil futures contracts registered another day of decline, reflecting weak demand from the Chinese economy. WTI fell 4,93%, reaching US$72, while Brent fell 4,39%, reaching US$77, which represents the lowest value in the last four months.
Investors are worried about fuel refining data in China, which showed a drop of 2,8% compared to October, contributing to pressure on oil prices.
The reduction in crude oil processing is directly related to the slowdown in industrial activity in China, which has been evidenced by the unexpected drop in the purchasing managers' index (PMI) in October.
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Despite the challenges faced, Julius Baer believes that China still has the potential to achieve the growth target of 5% by the end of 2023.
The real estate sector and foreign investments remain the main points of attention for the second largest economy in the world.
Slowdown in investments fixed assets impacts the industrial and infrastructure sector
A significant decrease was observed in investments fixed, mainly affecting infrastructure and industrial sector projects. The approval of the new round of stimuluss to the construction sector through increased public spending is still pending, and its effects should only be seen more concretely in the coming months, as highlighted by economist Sophie Altermatt, from Julius Baer.
Despite the concern of market with recent data, the OPEC and Agency Energy International (IEA) believe that the demand by oil may increase, especially in Asia.
According to a report released earlier this week, the cartel of producers of oil Do you think the reaction of the market is exaggerated and considers that the global economy It is more resistant than expected, which may result in greater energy consumption.
At the last general meeting, the OPEC decided to maintain the policy of cutting production of oil without changes. This reflects the cartel's more positive view of demandthe global one, which led to International Energy Agency (IEA) to increase its consumption projection by 100 thousand barrels per day (bpd). As a result, it is estimated that the global consumption de oil will grow 2,4 million bpd by the end of 2023.
Source: money times
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