Weaker dollar offsets concerns of slower demand in China
Singapore — Oil prices rose on Tuesday, paring losses from the previous session, as a weaker US dollar offset widening Covid-19 curbs in China that have stoked fears of slowing fuel demand in the world’s second-largest oil consumer.
The Brent and WTI benchmarks both ended October higher, their first monthly gains since May, after oil cartel Opec and allies including Russia said they would cut output by 2-million barrels a day. “Opec’s upcoming oil output cuts and the US’s record oil export data also support oil prices fundamentally,” Teng said.
Strict pandemic restrictions have caused China’s factory activity to fall in October and cut into its imports from Japan and South Korea.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil surges as weaker dollar offsets China Covid fearsOpec+ output cuts and record US crude exports are also providing fundamental support, CMC Markets analyst says
Read more »
Oil rises on drop in US crude inventories, weaker dollarBrent crude futures rose $1.13 to $95.78 a barrel, while US West Texas Intermediate crude futures rose $1.26 to $89.63 a barrel
Read more »
JSE weaker after Fed’s fourth consecutive 75bps hikeAfter another US rate increase, focus has moved from size of the next hike to where rates will peak and how long they will stay at those levels
Read more »
U.S., allies set parameters for price cap on Russian oil - WSJEach cargo of seaborne Russian oil will be subject to the price cap when it is first sold to a buyer on land, the United States and its allies have determined, according to a Wall Street Journal report on Friday.
Read more »
Oil drops on concerns over China’s Covid curbs despite fall in US outputCities intensify Beijing's zero-Covid-19 policy as outbreaks widen, dampening earlier hopes of a rebound in demand
Read more »