The global price of oil today, 14 December; Brent was 76 dollars and 8 cents
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The price of a barrel of Brent North Sea oil today increased by 15 cents equal to 0.20% to 76 dollars and 8 The tradition arrived. Texas Intermediate oil West also increased by 19 cents equal to 0.26% to $73 and 32 cents are traded.
Both of these oil indices are on the verge of a second weekly price increase after investors return from vacation.
Increasing trade risks due to Trump’s return to the White House and the fragile process of China’s economic recovery caused factory production in Asia, Europe and America to be at a low level at the end of 2024.
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Analysts believe that weak economic growth and inflation below the target in many countries will make central banks in Asia continue to adopt easy monetary policies.
Low interest rates boost economic growth and increase fuel consumption.
Investors are waiting for further interest rate cuts by the US Federal Reserve this year to support the country’s economy. The President of China has also promised to adopt more proactive policies for the growth of the economy.
The market is also focused on Saudi crude oil prices as the world’s largest exporter. Saudi Arabia is likely to increase the official selling price of its oil to Asian buyers next month for the first time in the last 3 months.
As the world’s largest oil consumer, US gasoline and gas condensate stocks have risen following the increase in refinery activity over the past week. The demand for fuel has reached the lowest figure in the last two years.
U.S. crude oil inventories fell by less than expected by 1.2 million barrels last week and reached 415.6 million barrels. Analysts had expected a decrease of 2.8 million barrels.
Traders are also focused on the forecast of weather conditions, which indicate severe cold weather in the US and Europe in the coming weeks. In this way, the demand for diesel as an alternative to natural gas for heating increases.
