11.7 C
Athens
Δευτέρα, 23 Δεκεμβρίου, 2024

Oil prices slide as hopes for China demand rebound fade

Περισσότερα Νέα

- Advertisement -

Oil prices fell on Monday after Chinese officials on the weekend reiterated their commitment to a strict Covid-19 containment approach, dashing hopes of an oil demand rebound at the world’s top crude importer.

Brent crude futures dropped US$1.20, or 1.2 per cent, to US$97.37 a barrel by 0227 GMT, after hitting as low as US$96.50 earlier. US West Texas Intermediate (WTI) crude was at US$91.24 a barrel, down US$1.37, or 1.5 per cent, dropping to a session low of US$90.40 a barrel earlier.

“Oil prices dropped sharply as Chinese officials vowed to stick to the Covid-zero policy while infected cases climbed in China, which may cause more restrictions…. darkening the demand outlook,” CMC Markets analyst Tina Teng said.

A jump in the US dollar is also weighing on oil prices, she added.

Four Federal Reserve policymakers last Friday indicated they would still consider a smaller interest rate hike at their next policy meeting despite strong jobs data.

- Advertisement -

Brent and WTI rose last week, up 2.9 per cent and 5.4 per cent respectively, as rumours of a possible end to stringent Covid-19 lockdowns sent China’s stock markets and prices of commodities higher despite the lack of any announced changes.

However, at a news conference last Saturday, health officials said they will persevere with their “dynamic-clearing” approach to Covid-19 cases as soon as they emerge.

Trade data from the world’s No. 2 economy later on Monday could show further cooling in exports as global demand continued to soften.

“The market is still dealing with signs of weakness in oil demand from already high prices and the weak economic backdrop in developed markets,” ANZ analysts said in a note, adding that demand in Europe and the United States has fallen back to 2019 levels.

“We now expect global demand in Q4 2022 to grow by only 0.6 mb/d (millions of barrels per day) from the same quarter last year and to moderate next year.”

Oil prices are underpinned by expectations of tighter supplies as the European Union’s embargo on Russia’s seaborne crude exports will start on Dec 5, while refineries worldwide are ramping up output to meet strong diesel demand.

US oil refiners will run their plants at breakneck rates this quarter, near or above 90 per cent of capacity, while China’s largest private refiner Zhejiang Petroleum and Chemical Co is raising diesel output.

Kuwait Integrated Petroleum Industries Co said on Sunday that the first phase of the Al-Zour refinery has started commercial operations, according to state news agency KUNA. REUTERS

- Advertisement -

ΑΠΑΝΤΗΣΤΕ

εισάγετε το σχόλιό σας!
παρακαλώ εισάγετε το όνομά σας εδώ

The reCAPTCHA verification period has expired. Please reload the page.

Ροή ειδήσεων

ΣΧΕΤΙΚΑ ΑΡΘΡΑ

Deep Waters, Dark Secrets – China’s Role in Baltic Cable Sabotage

A Chinese bulk carrier, ‘Yi Peng 3’ is under scrutiny for its possible involvement in damaging two critical undersea cables in the Baltic Sea. It...

Africa’s trade deficit with China continues to widen

African countries suffer from the trade deficit with China, which has continued to swell. In 2023, the exports from China were in surplus by...

UK’s Prince Andrew says he’s ‘ceased all contact’ with alleged Chinese spy

Britain’s Prince Andrew says he had “ceased all contact” with a businessman accused of being a Chinese spy when concerns were first raised about...

India to commission INS Nirdeshak on Dec 18, will boost maritime partnerships in IOR  

India will be commissioning the hydrographic survey ship INS Nirdeshak on Wednesday (Dec 18) which will increase India's capabilities in hydrographic surveys not only...

ΔΗΜΟΦΙΛΗ ΑΡΘΡΑ

Βαθιά ύδατα, σκοτεινά μυστικά – Ο ρόλος της Κίνας στο σαμποτάζ των καλωδίων της Βαλτικής

Ένα κινεζικό πλοίο μεταφοράς χύδην φορτίου, το «Yi Peng 3» βρίσκεται υπό έλεγχο για πιθανή εμπλοκή του στην καταστροφή δύο κρίσιμων υποθαλάσσιων καλωδίων στη...

Deep Waters, Dark Secrets – China’s Role in Baltic Cable Sabotage

A Chinese bulk carrier, ‘Yi Peng 3’ is under scrutiny for its possible involvement in damaging two critical undersea cables in the Baltic Sea. It...

Σε πόσες περιοχές θα μπορούσε να διαλυθεί η Τουρκία;

Η υπόθεση διάλυσης ενός κράτους, όπως η Τουρκία, αποτελεί ένα εξαιρετικά σύνθετο και ευαίσθητο θέμα που εμπλέκει γεωπολιτικές, κοινωνικές, οικονομικές, και πολιτισμικές παραμέτρους. Η Τουρκία είναι ένα πολυεθνοτικό...

Δαμασκός: Έτοιμοι για πόλεμο η Τουρκία και οι Κούρδοι

Δαμασκός: Για τη… μητέρα των μαχών ετοιμάζεται η Τουρκία στη Βόρεια Συρία προκειμένου να ελέγξει απόλυτα τη νέα διοίκηση της χώρας υπό τον Μοχάμαντ...