bullish oil
Crude oil prices rose sharply on the sidelines of the first trading this week, on Monday; In conjunction with the prevailing state of optimism about the strength of demand for crude oil during the coming period, after China – the second largest consumer of crude oil in the world – took a series of stimulus measures to support the private investment sector, along with fears of a shortage of oil supply with a greater abundance of demand, according to the International Energy Agency.
During the trading of spot contracts for standard crude oil today, spot Brent crude contracts rose by 0.64% to reach $81.21 a barrel, in addition to the rise of spot contracts for US West Texas crude by about 0.87%, to record $77.44 a barrel.
The oil prices enjoyed a remarkable turnout by the markets, during today’s trading, after China rose today; By taking a series of stimulus measures to support the private investment sector, in an effort to enhance the country’s economic recovery, and on this basis; The Chinese National Development and Reform Commission pledged to encourage participation with the private sector in some transportation, water and clean energy projects, as well as those related to the development of new infrastructure and modern agriculture, which contributed to the rise in crude oil prices.
At the same time, the government of the second largest consumer of crude oil in the world has stated that it plans to stimulate private investment, as it has made it clear that it will invest in many sub-sectors with large market value and strong growth potential, and this in turn increases expectations about high demand for crude oil, which supports oil price levels during trading.
And also; Crude oil prices rose for the fourth week in a row, supported by the statements of the CEO of the International Energy Agency, Fatih Birol; And he explained that he believes that the oil market will face a narrowing in the second half of this year, that is, a decline in the amount of supply of crude oil accompanied by a large abundance in demand, and this contributed to the rise in crude oil prices.
In addition, the statements of the UAE Minister of Energy, Suhail Al Mazrouei, during his presence at the energy ministerial meetings of the G20 G20 last Friday; From the rise in oil prices during trading, as he stated that the current measures taken by the Organization of Petroleum Exporting Countries (OPEC) to support oil prices are sufficient at the present time to support market balance, commenting on the recent decision of OPEC Plus to extend voluntary cuts in oil production until next year, which had a positive impact on oil price trading.
2023-07-24 11:06:46
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