Brent oil is down 0.1 percent to $82.70 a barrel since midnight, while WTI oil is down 0.1 percent to $78.66 a barrel.
On Monday afternoon, the oil price soared above 2 dollars. When the stock exchange opened, a barrel of North Sea oil cost 82.48 dollars a barrel, while at the close the price stood at 82.48 dollars a barrel.
Optimism around an increase in fuel demand was behind the rise. In particular, the hope is that the inhabitants of the world’s second largest economy, China, will start traveling again.
More travelers
Next week, the Chinese mark “Golden Week”, which is often associated with several flights, writes TDN Direkt.
According to Reuters bookings in China for overseas travel during the upcoming celebrations point to a continued improvement in travel to Asian countries. Nevertheless, the numbers are far from the levels before the pandemic, partly as a result of a lack of flights and rising ticket prices.
– Investors expressed optimism that Chinese holiday travel will increase fuel demand in the world’s largest oil importer, says CMC Markets analyst Leon Li.
Otherwise, a Russian government source told Reuters on Monday that Russia’s oil production in 2023 is considered to come in line with the decision to cut oil production by 500,000 barrels per day. day.
On Tuesday evening, industry data on developments in US crude oil stocks last week will be published, before the public figures are published on Wednesday. Analysts expect crude oil inventories to fall by 1.7 million barrels.
Later this week we will get the last set of key US key figures before the Federal Reserve interest rate meeting next week. In addition, Chevron and ExxonMobil publish their first-quarter reports on Friday.
Encourages you to follow along
Nordnet analyst Roger Berntsen believes it is important for investors to follow developments in the commodity market, including oil prices, as these can affect the stock market in several ways.
– Commodity prices are positively correlated with economic growth, which is why many of these have fallen back recently. That is, growth in the world is low due to high inflation and “high” interest rates. Whether the growth impulses in the world economy should return again during 2023, or whether there will be a recession, is the big question, he says in the morning report.
FA/TDN Direct
2023-04-25 06:22:37
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