InfoQuest – WTI oil prices retreated above the 68 level in response to China’s announcement of major economic stimulus measures. This will help support oil demand in the market.
At 10:04pm Thai time, the price of West Texas crude oil (WTI) for November delivery. it added $0.58 or 0.85% to $68.76/barrel.
The People’s Bank of China announced the largest economic stimulus package since the outbreak of COVID-19. To free the economy from deflation and make the economy expand according to the goals set by the government.
Oil prices also fell due to the fighting between Israel and Hezbollah. This could force Iran to enter the war. and affecting the supply of oil in the market
However, WTI oil prices fell more than 7% in September amid concerns that Saudi Arabia plans to cancel its unofficial price target of $100 per barrel. and will increase oil production capacity in December.
This move marks a major turning point for Saudi Arabia. Before that, he was the director of the Organization of the Petroleum Exporting Countries (OPEC) and associated countries. or OPEC Plus in reducing oil production capacity from November 2022 to support high oil prices
2024-09-30 21:56:48
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