Oil futures get lift on China demand hopes

Oil futures rose Tuesday, finding support as ongoing hopes a revival in crude demand from China run strong.

A devastating earthquake that left thousands dead in Turkey and Syria and Turkey’s Ceyhan oil export terminal, with a capacity of 1 million barrels a day, was expected to be closed through Wednesday, Reuters reported.

See: How to help Turkey earthquake victims: ‘Give cash’ and ‘take the long view’

Price action
  • West Texas Intermediate crude for March delivery



    rose $1.18, or 1.6%, to $75.27 a barrel on the New York Mercantile Exchange.

  • April Brent crude

    the global benchmark, rose $1.15, or 1.4%, to $82.14 a barrel on ICE Futures Europe.

  • March gasoline

    was up 2.3% at $2.429 a gallon, while March heating oil

    gained 1.8 % to $2.819 a gallon.

  • March natural gas

    fell 0.3% to $2.45 per million British thermal units.

Market drivers

Crude was lifted Monday after Saudi Arabia unexpectedly raised most prices for oil to be shipped to Asia, reflecting increased demand for crude, analysts said.

“The price of the barrel is finding support as the reopening of the Chinese economy, following the end of the zero-COVID policy, is expected to drive a significant increase in demand for crude this year,” said Ricardo Evangelista, senior analyst at ActivTrades, in a note.

“At the same time, the earthquake in Turkey forced the shutting down of a major export terminal, responsible for 1 million barrels per day, exacerbating supply side pressures and contributing to increases in oil prices,” he said.

Evangelista also noted that gains for crude prices have come alongside a bounce for the U.S. dollar. Typically a stronger dollar is a negative for commodities priced in the unit, making them more expensive to users of other currencies.

The ICE U.S. Dollar Index
a measure of the currency against a basket of six major rivals, edged up 0.1% and has bounced 1.6% so far this month.

Source link


Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *