WTI crude climbs on China’s stimulus and rising demand
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WTI crude oil futures rose to approximately $69 per barrel on Wednesday, marking a third consecutive session of gains as optimism around the demand outlook grew.
Market focus shifts to OPEC report and US inflation data Market participants are now looking ahead to OPEC's monthly report, which could provide further insights into the state of the global oil market. Additionally, key US inflation data due this week is expected to shape expectations for the Federal Reserve’s future interest rate decisions, potentially influencing oil prices further.
WTI crude climbs on China’s stimulus and rising demand
The boost followed China's announcement to implement a "moderately loose" monetary policy next year to stimulate economic growth. This move will increase energy demand from the world’s largest crude importer. Supporting this positive sentiment, China's crude imports rose by more than 14% year-on-year in November, marking the first increase in seven months. On the supply side, however, API data showed a 0.5-million-barrel rise in US crude stocks last week, defying forecasts of a 1.3-million-barrel draw.Market focus shifts to OPEC report and US inflation data Market participants are now looking ahead to OPEC's monthly report, which could provide further insights into the state of the global oil market. Additionally, key US inflation data due this week is expected to shape expectations for the Federal Reserve’s future interest rate decisions, potentially influencing oil prices further.