Oil Prices Rise on China Demand Hopes
10.27.2022 By TankTerminals.com - NEWS

October 27, 2022 [International The News] – Oil prices rose in choppy trade on Friday as hopes of stronger Chinese demand and a weakening U.S. dollar outweighed concern about a global economic downturn and the impact of interest rate rises on fuel use.

 

To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep raising its short-term rate target, Federal Reserve Bank of Philadelphia President Patrick Harker said on Thursday in comments that weighed on oil.

But crude is gaining support from a looming European Union ban on Russian oil, as well as the recent 2 million-barrels-per-day output cut agreed by the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+.

Brent crude was up 4 cents at $92.42 a barrel by 1513 GMT. U.S. West Texas Intermediate crude (WTI) fell 32 cents to $84.19. During the session, both benchmarks had been down by more than a dollar. Traders were squaring up positions ahead of the weekend after the WTI’s November contract expiry, increasing volatility, said Bob Yawger, director of energy futures at Mizuho in New York.

Book a demo to see how to offer, bid and book tank capacity globally. Quick and easy.

Colonial Terminals Announces Acquisition of Buckeye’s Wilmington, NC Terminals
12.04.2023 - NEWS
9790December 4, 2023 [Savannah Community Headlines]- On December 1, 2023, Colonial Terminals, Inc... Read More
Investors flock to US Natural Gas ETF Despite Price Slump
12.04.2023 - NEWS
December 4, 2023 [Reuters]- Investors have been piling into an exchange-traded fund (ETF) designe... Read More
Dutch Fund Keeps Shell, BP in Portfolio as it Dumps 40 Other Oil Firms
12.04.2023 - NEWS
December 4, 2023 [Oil Price]- Dutch pension fund Pensioenfonds Metaal & Techniek (PMT) is div... Read More
Oman Announces Plans for Common Infrastructure for Green Hydrogen Liquefaction and Export
12.04.2023 - NEWS
December 4, 2023 [Zawya]- The Government of Oman, Hydrogen Oman (Hydrom), Port of Amsterdam, Zeni... Read More