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The oil market is growing at the beginning of a new trading week


November, 14 2022
watermark Economic news

Oil prices have been showing growth for the third consecutive session amid expectations of demand growth in China as a result of changes in the policy of the country's authorities to combat coronavirus, as well as the introduction of new measures to support the economy.


As it became known, Beijing announced the reduction of mass testing of people for Covid-19, as well as the dissolution of «quarantine camps». The Chinese authorities have announced that they are planning further changes, thanks to which covid restrictions will become more focused, but not soft. Thus, China's adjustment of the «zero tolerance» for coronavirus has given a powerful incentive for the growth of the oil market.

 

The current price of Brent oil is $96.70 per barrel. North American WTI oil is trading near the level of $89.60 per barrel.


Analysts note that the increase in oil consumption by China may coincide with a reduction in supply on the market (due to the upcoming entry into force of the European embargo on the import of Russian oil and a reduction in OPEC+ production).


Earlier, US Treasury Secretary Janet Yellen said that the entry into force of the European embargo on the purchase of oil in Russia on December 5 is likely to force Moscow to sell some oil at a price not exceeding the ceiling set by the US and its allies if Russia wants to avoid a significant reduction in oil exports.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.