China’s central bank announced its biggest stimulus since the COVID-19 pandemic to pull the economy off a deflationary path. In the Middle East, Israel is bombing Lebanon and the attacks could bring Iran, the world’s largest oil producer, closer to war.
The crude oil prices escalate sharply this Tuesday, September 24, after the announcement of the monetary stimulus from the main importerChina, and by the concern that the conflict in the Middle East could affect supplywhile another hurricane threatens the United States, the world’s largest producer of crude oil.
The futures of the US West Texas Intermediate (WTI) crude oil prices rise 1.3% to $71.28 a barrelwhile the Brent rose 1.4%, or 99 cents, to $74.20.
“The crude oil market has been desperately looking to Chinese authorities for further easing measures to counter the economic slowdown,” he said. Tony SycamoreIG market analyst, told Reuters.
China announced its biggest stimulus since the pandemic to revive the economy
China’s central bank announced its biggest stimulus since the COVID-19 pandemic to steer the economy off the deflationary path and back toward the government’s growth target.
In the Middle East, one of the main oil producing regions, The Israeli military said it launched airstrikes on Hezbollah facilities in Lebanon on Monday.which according to the Lebanese authorities caused the deaths of 492 people and caused tens of thousands to flee in search of safety.
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AFP
The attacks could bring Iran -OPEC producer, which supports Hezbollah- to a conflict with Israel and trigger a wider war in the region.
Meanwhile, U.S. oil producers were rushing to evacuate personnel from rigs in the Gulf of Mexico as the second hurricane in two weeks hit the area. Several oil companies halted some of their pumping.
Source: Ambito
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