Petroleum prices rose on Tuesday, but remained close to minimum of two weeks, after China’s weak economic data and meteorological warming forecasts worsened the demand for demand.
The prices of oil They went up on Tuesday, but stayed close to minimum of two weeks. Apparently weak economic data of China and the weather forecasts will worsen the perspectives of demand.
The futures of crude Brent They advanced 42 cents, or 0.5%, to US $ 77.5 per barrel. American crude futures West Texas Intermediate 34 cents rose, or 0.5%, au $ S73.51. He Brent It was on Monday at its lowest level since January 9, while the WTI It reached its lowest level since January 2.
China, the world’s world importer, reported Monday of An unexpected contraction of manufacturing activity In January, which increases concern for the growth of world demand for crude oil.
The news that impacts their price
“The general tone of caution in the risk environment, together with the weakest figures of the Chinese PMI, which throw more doubts about China’s oil demand prospectsIt can serve as a ballast for oil prices, “said Ig Yeap Jun Rong analyst.
Chinese raw demand is also expected to be affected by the latest American sanctions on Russian oil trade. FGE analysts foresee that Shandong’s refineries lose up to a million daily raw barrels in the short term due to the prohibition imposed by Shandong’s port group to oil tankers sanctioned by the United States.
“At the same time, alternative crude barrels are sought (to the Russian supply), but at a much higher cost”the analysts pointed out.
Several independent refineries from China interrupted their operations, or plan to do so, during periods of indefinite maintenance, sources said, since The new Chinese tariff and fiscal policies sink even more to plants in losses.
India, the third largest oil importer in the world, also faces interruptions in the Russian oil supplybut the refineries of that country are taking advantage of a period of relaxation of the sanctions to make purchases until March, FGE analysts said.
In the United States, weather forecasts point to warmer temperatures During this week, what is weighing in the demand for heating fuels after the extreme cold caused a rebound of natural gas and diesel in previous sessions.
“Temperatures in both regions (USA and Europe) are increasing, allowing the demand for heating fuel to decrease a bit”said Alex Hodes on Monday, Stonex’s oil analyst.
Source: Ambito
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