This was in response to Powell’s claim that last week’s strong jobs data only confirmed that the US central bank has yet to raise rates. With interest rate hikes traditionally strengthening the greenback, expect crude could continue to get more expensive for non-US buyers, as is seen today.
International demand for oil will grow
This is also combined with the forecast of greater demand from China, which also raised crude oil prices.
The International Energy Agency expects half of the growth in global oil demand this year to come from China, the agency’s director said on Sunday, adding that demand for jet fuel was rising.
In this context, Saudi Arabia, the world’s leading exporter of Petroleumraised the prices of its flagship crude for Asian buyers for the first time in six months, amid expectations of a recovery in demand, especially from China.
“That seemed to send home the message that the reopening of china It’s real, and if Saudi Arabia isn’t afraid of raising oil prices, that means demand is pretty good,” said Phil Flynn, an analyst at Price Futures Group.
Meanwhile, in Turkey, operations at a 1 million barrel per day (bpd) oil export terminal in Ceyhan have been halted after a powerful earthquake struck the region.
And on the other hand, shipments of Iraqi crude from the Ceyhan warehouse were set to resume on Tuesday, but bad weather prevented the vessels from docking, according to a business source with direct knowledge.
Source: Ambito
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