Oil prices on the New York Stock Exchange rise at the beginning of the week. Brokers said investors were weighing the outlook for fuel demand in China and the prospects for less restrictive monetary policy in the United States.
The price of a barrel of WTI for February delivery was $74.78 on NYMEX in New York, up 1.37% after falling 8% last week.
ICE Brent crude for March delivery was priced at $79.59 in the morning. per barrel, up 1.30 percent.
Markets expect an improvement in fuel demand in China, as the economy reopens after a long period of “non-coronavirus” strategy that limited free development.
Chinese central bank officials have indicated that China’s economic growth will pick up as the authorities provide more financial support to Chinese households and businesses.
Sean Lim, analyst at RHB Investemnt Bank Bhd.
– There are concerns about “soft” demand, but the actions of OPEC + countries should be the main support for oil prices. He adds that we expect a more balanced oil market in the medium term.
Meanwhile, the US Federal Reserve may tend to raise interest rates less after the slowdown in US wage growth in December, which will have a positive impact on economic growth and demand for, among other things, fuel.
Investors hope that the Fed’s central bankers, who meet later this month, will look more positively on the possibility of lower US interest rate hikes.
Former Federal Reserve Chairman Randall S.
– But there is a growing possibility that there will be rises of more than 25 basis points at these Fed meetings. of 50 basis points. I think that might be the case.”
At its December 2022 meeting, the Fed raised interest rates by 50 basis points. After 4 previous cost-of-money increases of 75 basis points each.
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