(CercleFinance.com) – Oil prices rose on Friday for the third session in a row, putting them in a good position to post weekly gains after last week’s sharp correction.
On the NYMEX, the crude contract deliverable in June gained 0.4% to $79.6, its highest level since the beginning of May.
Over the week as a whole, the barrel of WTI rebounded by almost 2%, marking a weekly rebound after the heavy decline of the previous week, which resulted in a decline of almost 7%.
Investors are reacting to indicators tending to point towards strengthening demand, whether from the United States or China, the world’s two largest consumers.
Beyond the decline in crude oil stocks in the United States announced on Wednesday, the formalization of a rise in oil imports from China, the premise of a recovery in demand, particularly supported the market.
‘Chinese exports have also increased, which could indicate a possible acceleration of economic activity in the country,’ underlines Hani Abuagla, market analyst at XTB MENA.
At the same time, the prospect of a rate cut in the United States by the end of the year in order to stimulate growth also bodes well for an improvement in demand.
On the supply side, analysts at Goldman Sachs said Friday they expect OPEC and its allies, collectively known as OPEC+, to announce further production cuts due to high inventory levels, supporting black gold prices today.
Copyright © 2024 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends using the buttons below.
