The oil It recovers from its lows of the week this Thursday, but uncertainty remains latent. The price of a barrel of Brent crude oil is around 80 dollarsbut uncertainty about demand was still latent.
Brent crude futures rise more than $1 to $80.50 a barrel. US crude oil futures West Texas Intermediate (WTI) They gained 1.1% to US$76.17.
The rebound occurs after both benchmarks fell on Wednesday to their lowest level since mid-Julyas concerns about potential supply disruptions in the Middle East ease and unease intensifies due to the demand of the United States and China. Brent is almost $20 a barrel below its September high.
“It could be that this almost oversold situation is causing a pause in sales this morning“said John Evans of oil brokerage PVM, adding that there was little positive news overnight and that the week’s losses reduced the impact of the latest Chinese data.
Oil: concern over China data
Data from China on Thursday suggested that the fight against disinflation in the face of weak demand remains a challenge for the country’s decision-makers.
Chinese consumer prices fell in October, when the main indicators of domestic demand pointed to a weakness not seen since the pandemicwhile deepening factory deflation cast doubt on the chances of a widespread economic recovery.
Also this week, customs data showed that China’s total exports of goods and services contracted faster than expected.
In United Statesdemand indicators are not porisic either. U.S. crude oil inventories rose by 11.9 million barrels in the week ending Nov. 3, according to sources citing figures from the American Petroleum Institute.
If confirmed, it would be the largest weekly increase since February. However, the US Energy Information Administration (EIA) has delayed the release of weekly oil inventory data until November 15 due to a system update.
Both OPEC and the International Energy Agency (IEA) will announce their opinion on the supply and demand situation next week.
Source: Ambito
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