Oil prices rose on Tuesday after data showed China's manufacturing activity expanded in December, but they are on track to end lower for a second consecutive year due to demand concerns in top consuming countries.
Brent crude futures rose 60 cents, or 0.8%, to $74.59 a barrel as of 0530 GMT. U.S. West Texas Intermediate crude gained 62 cents, or 0.9%, to $71.61 a barrel. For the year, Brent declined 3.2%, while WTI was down 0.1%.
China's manufacturing activity expanded for a third straight month in December but at a slower pace, an official factory survey showed on Tuesday, suggesting a blitz of fresh stimulus is helping to support the world's second-largest economy.
Chinese authorities have also agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds in 2025 to revive economic growth, Reuters reported last week.
A weaker demand outlook in China has forced both the Organisation of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) to cut their oil demand expectations for 2025.
OPEC and its allies earlier this month delayed their plan to start raising output until April 2025 against a backdrop of falling prices. The IEA expects global oil supply to exceed demand in 2025 even if OPEC+ cuts remain in place, as rising production from the United States and other outside producers outpaces sluggish demand.
Source: Reuters
Oil steadied after a two-day advance after OPEC+ agreed on a modest supply quota increase, with traders also parsing signals from lower-than-expected Saudi prices. West Texas Intermediate traded...
WTI crude oil futures climbed 1.3% to $61.7 per barrel on Monday after OPEC+ agreed to a smaller-than-expected production increase, easing fears of a major supply surge. The group, which includes Saud...
Oil prices rose more than 1% on Monday after OPEC+ only raised November production by 137,000 bpd, a smaller increase than would have affected the market. At 08:08 GMT, Brent rose 1.2% to $65.33 per b...
OPEC+ is once again playing it cautiously. For the second consecutive month, the world's largest oil producer group only increased supply by 137,000 barrels per day—a figure significantly lower than m...
Oil headed for the biggest weekly loss since late June as traders positioned for a key OPEC+ decision on supply this weekend. Brent futures edged marginally higher on Friday, but were still...
Japanese stocks rise due to growing hopes that newly elected ruling-party leader Sanae Takaichi will take more aggressive fiscal steps to stimulate the economy. Heavy-industry and real-estate stocks lead gains. IHI rises 5.3% and Sumitomo Realty...
Gold strengthened early in the Asian session. This rise aligns with the upward trend in commodities, driven by macroeconomic uncertainty, a weakening dollar, and continued strong demand for hard assets. According to City Index and FOREX.com analyst...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. "Gold's...
Asian stocks surged to new highs, led by Japan's Nikkei 225, which surged more than 4% following the election of pro-stimulus lawmaker Sanae...
Hamas officials were in Egypt on Monday (October 6th) ahead of talks with Israel that the US hopes will lead to an end to the war in Gaza and the...
Euro Area Stock MarketEuropean stocks closed mostly lower on Monday as fresh political turmoil in France rekindled concerns of fiscal instability...
European stocks moved steadily at the start of the week, while the French CAC 40 index fell 0.7%. This decline occurred after President Emmanuel...