Crude oil inventories in the United rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.
Preliminary estimates see the November CPI reading at 2.7%, which would be a slight increase on October’s 2.6%. Core inflation for November is seen at 3.3% on an annual basis—for the fourth month in a row. These figures might make a new rate cut decision a bit problematic but media reports suggest that market players overwhelmingly expect that decision.
“While past efforts have focused on sectors like electric vehicles and infrastructure, there are expectations that China may shift toward policies to boost consumer spending,” said Li Xing Gan, financial markets strategist consultant to Exness.
Expectations for a weaker dollar in 2025-2026 are being gradually reconsidered as Donald Trump’s re-election and the prospect of stronger-than-expected US economic performance improved the outlook of the greenback.
Crude oil prices have found some support this week, driven by China’s economic recovery and OPEC+ production strategies. China, the world’s second-largest oil consumer, reported its fastest factory activity growth in five months, reinforcing optimism about future crude demand. Analysts view Beijing’s targeted stimulus measures as a potential catalyst for stabilizing global oil markets.
OPEC+ countries agreed to postpone the start of oil production increases by three months until April 2025, simultaneously extending the full unwinding of output cuts by a year until end-2026 as the oil group confronts rising non-OPEC production.
Oil prices were moving higher early on Tuesday morning ahead of the latest OPEC+ meeting as members of the group aligned behind plans to extend production cuts into 2025. – US President-elect Donald Trump threatened to slap a 100% tariff on BRICS if the respective countries decide to create a new currency alternative to the […]
The crude oil market continues to face uncertainties” in terms of demand outlook and geopolitical events, Charu Chanana, chief investment strategist for Singapore-based Saxo Markets, told Bloomberg. “These, together with market oversupply, raise doubts over OPEC+ unwinding its voluntary production cuts.”
Oil prices fell on Friday, heading for a weekly drop of more than 3%, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as OPEC+ is expected to extend output cuts.
Ghana’s crude oil output increased by 10.7% year-on-year in the first six months of 2024, reversing an annual production decline that began five years prior, the country’s public interest and accountability committee (PIAC) reported.