Friday, June 21, 2024

China’s better-than-expected economic growth led to a slight rise in oil prices

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Oil fell 2% in Monday’s session

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After falling 2% in the previous session, oil prices edged higher in early trade today on Tuesday, in tandem with Chinese economic data pointing to an economic recovery.

Brent crude was up 0.27%, or 23 cents, at $84.99 a barrel by 04:25 GMT, while US West Texas Intermediate crude was up 22 cents, or 0.27%, at $80.05.

According to Reuters, prices fell on Monday as the dollar rose amid expectations that the Federal Reserve may raise interest rates in May.

Official data on Tuesday showed China’s economy grew more than expected in the first quarter at 4.5% year-on-year, supported by policymakers’ move to boost growth after a strict anti-Covid lockdown. -19 restrictions on December.

China’s retail sales and industrial production data will also be released later in the day.

The International Energy Agency expects demand growth from China to account for the largest share of total demand growth to 2023.

But it warned that cuts announced by OPEC+ producers could increase oil supply shortages expected in the second half of the year and harm consumers and the global economic recovery.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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