Expectations of China’s economic growth boosted oil prices
According to Webangah News quoted by Mehr News Agency Oil prices in limited trading on Thursday (January 6th) Christmas holiday on hopes of more fiscal stimulus in China, the world’s largest oil importer, and reports of declining crude stockpiles America, increased.
As Beijing ramps up fiscal stimulus to revive a faltering economy, Chinese officials have They have agreed to release 3 trillion yuan ($411 billion) of special treasury bonds next year (2025).
The Brent North Sea crude oil price increased by 39 cents or 0.5% to 73 dollars and 97 cents by 9:17 GMT on Thursday. receipt for each barrel.
WII crude oil of the United States increased by 0.5% or 36 cents compared to the closing price on Tuesday before Christmas and gave 70 dollars and 46 cents per barrel. It was exchanged.
Priyanka Sachdeva, senior market analyst at Philip Nova Institute, said: Crude oil prices have increased this week due to news that Chinese authorities in Now offering a $411 billion fiscal stimulus to boost the economy is fighting a recession, in addition, lower levels of US crude oil stockpiles, indicating healthy demand, are supporting higher prices. did.
Satoru Yoshida, commodity analyst at Rakuten Securities, said: Expectations for increased fossil fuel production and demand after Donald Trump takes office Trump, the president-elect of the United States, will strengthen the price of oil next month.
Market sources said on Tuesday that the latest weekly report on US stockpiles, from industry group the American Petroleum Institute (API), showed that crude stockpiles rose last week. 3 million and 200 thousand barrels have decreased.
Traders are waiting to see if the official report on US crude oil inventories from the US Energy Information Administration confirms the decline.
The US Energy Information Administration data will be released later than usual on Friday afternoon due to the Christmas holiday.
Analysts polled by Reuters expect crude oil inventories to fall by around 1.9 million barrels in the week ending December 20 (Friday, 30 December), while Gasoline and distillate stocks have decreased by 1,100,000 barrels and 300,000 barrels, respectively.
