Stay updated with breaking news from Output Cuts. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
In China, manufacturing activity expanded unexpectedly in August and a series of economic measures to support the country's post-pandemic recovery have ignited optimism that demand will pick up in the world's largest oil importer.
Major benchmarks rose slightly in early Asian trade, with the U.S. West Texas Intermediate crude (WTI) up 7 cents, or 0.1%, at $83.70 a barrel, while Brent crude was also up 7 cents at $86.90/bbl as of 0107 GMT.
Brent and WTI settled on Friday at their highest levels since April, gaining for a fifth straight week, as tightening oil supplies globally and expectations of an end to U.S. interest rate hikes supported prices. Both are on track to close July with their biggest monthly gains since January 2022. Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day (bpd) for another month to include September, analysts said.
Oil prices have rallied for four weeks, buoyed by signs of constrained supplies, largely linked to output cuts by Saudi Arabia and Russia
Is still depending on exports so if that is facing a recession, there is still that impact on china. so, it is demand driven. but having said that, i don't think, for the argus consulting team, we never saw $100. we do see that going forward. in the second half of this year. assuming 0pec plus, and that includes russia, delivers on the output cuts that they had announced in early april, we do see that the market should become tighter, in terms of supply and that we should be moving towards the sort of $80 or low 80 in the second half of 2023. so, inching higher but not going up to a hundred. i...