The two powers had a decrease in demand for crude oil, which caused future values to fluctuate.
Oil prices wavered on Monday, amid renewed concerns about declining demand in USA and China, linked to disparate signals from the Federal Reserve American, which maintained uncertainty in the markets.
January Brent crude futures were up 8 cents at $81.49 a barrel by 1022 GMT, after giving up $1 in early trading, while U.S. crude futures West Texas Intermediate (WTI) for December gained 1 cent to $77.26.
Prices rose nearly 2% on Friday as Iraq expressed support for the U.S. oil cuts. OPEC+, but they lost about 4% for the week, posting a three-week losing streak for the first time since May.
“Investors are more focused on the slowdown in demand in USA and Chinawhile concerns about potential supply disruptions stemming from the conflict between Israel and Hamas have eased somewhat,” said Hiroyuki Kikukawa, president of NS Tradinga unit of Nissan Securities.
The Energy Information Administration (EIA) declared last week that crude oil production in the United States will increase this year somewhat less than expected, while demand will fall. Markets were wary of a possible tightening of U.S. monetary policy after Federal Reserve Chair Jerome Powell said last week he could raise interest rates again if progress to curb inflation stalls.
Last week’s weak economic data China, the world’s largest crude oil importer, fears of faltering demand rose, and refiners called for less supply Saudi Arabia, the world’s largest exporter, by December. In that sense, in October consumer prices in China They fell to lows not seen since the pandemic, unleashing concern about the country’s economic recovery.
The main oil exporters, Saudi Arabia and Russia, confirmed last week that they will continue with their additional voluntary crude production cuts until the end of the year, as concerns about demand and economic growth continue to weigh on crude markets. The Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, will meet on November 26.
Source: Ambito
