Oil rises in price against the backdrop of support for the economy by the Chinese authorities
Date: 2023-08-28 Author: Кирило Загоруйко Categories: ECONOMY
It is reported by enkorr.
October Brent futures rose 5 cents (0.06%) to $84.53 a barrel on London's ICE Futures Exchange. On Friday, Brent rose by $1.12 (1.3%) to $84.48 per barrel.
October WTI futures rose 11 cents (0.14%) to $79.94 a barrel on the New York Mercantile Exchange. Over the past session, the contract rose by $0.78 (1%) to $79.83 per barrel.
Over the past week, Brent has fallen in price by 0.4%, WTI - by 1%.
The Chinese authorities announced new measures to support the economy regarding the housing market and the stock market.
“The news of further stimulus in China provided additional support,” said Warren Patterson of ING Groep NV. “However, prices are likely to stay in a certain range in the short term, given concerns about reduced demand and increased supply.”
Oil market participants evaluate the speech of the head of the Federal Reserve System (FRS) Jerome Powell at the economic symposium in Jackson Hole.
“We are ready to raise the rate even higher if necessary, and intend to maintain a restrictive monetary policy until there is confidence that inflation is moving steadily towards our target,” he said.
Over the past week, the number of active oil rigs in the United States has dropped by 8 units to 512, according to oilfield services company Baker Hughes, the lowest since February 2022.
