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Sunday, March 26, 2023

Oil extends its bullish rally: scores its sixth rise in the last seven days

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In this way, the Brent approaches the end of the week with a rise close to 1.9%Meanwhile he WTI is heading for a breakthrough 2.4%.

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The oil prices they started this friday holding steady and heading to record a weekly risesince the optimism about China’s demand recovery countered concerns about a recession due to the rising US crude inventories and the tightening of monetary policy in Europe.

In Chinathe Service sector activity grew in February at the fastest pace in the last six months, as the removal of strict restrictions due to COVID-19 revived demand, a private sector survey showed Friday.

The manufacturing activity in China also grew last monthto the fastest pace in over a decadereinforcing the expectations of a fuel demand recovery. China’s seaborne imports of Russian oil will hit a record high this month.

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He world’s largest oil importer is increasingly ambitious with his growth target for 2023that currently stands at 6%sources involved in the political discussions told Reuters this week.

In general, the market dismissed the tenth consecutive week of accumulation of crude oil reserves in the United StatesSince the record US crude exports made the increase smaller than in the last few weeks.

For its part, the plan Russia of intensify cuts in oil exports in March also helped boost prices.

Meanwhile, analysts consulted by Reuters expect the dollar to weaken in the next 12 months, which it would make oil priced in dollars cheaper for holders of other currencies.

Source: Ambito

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