Oil prices pinned at 2-week low after OPEC cuts demand outlook

Oil prices moved little in Asian trade on Wednesday, hovering around two-week lows after the OPEC cut its demand outlook again, while focus remained on more stimulus measures in China.

Markets also turned skittish over the U.S. economy, ahead of key consumer inflation data due later in the day, while speculation over a second Donald Trump presidency persisted. 

Oil prices were nursing steep losses in the past three sessions after fresh fiscal measures from China largely underwhelmed, while fears of supply disruptions in the Gulf of Mexico eased as tropical storm Rafael appeared to be dissipating. 

A stronger dollar also pressured crude prices, as speculation over Trump’s planned policies pushed the greenback to a four-month high. 

Brent oil futures expiring in January fell slightly to $71.86 a barrel, while West Texas Intermediate crude futures fell 0.1% to $67.92 a barrel by 20:17 ET (01:17 GMT). OPEC cuts 2024, 2025 demand outlook again 

The Organization of Petroleum Exporting Countries cut its outlook for global oil demand growth for a fourth consecutive month on Tuesday, citing persistent concerns over slowing demand in China and other major oil importers. 

The OPEC said in a monthly report that it expects global oil demand to grow by 1.82 million barrels per day in 2024, down by 107,000 bpd from the prior month’s forecast.

The cartel has steadily cut its outlook for demand amid persistent economic weakness in China, as well as concerns over a switch to cleaner fuels in other parts of the world.

But the cartel still holds a relatively optimistic view on demand growth when compared to other energy watchdogs, especially the International Energy Agency. 

The IEA is set to release a monthly report on Thursday, after also steadily cutting its demand outlook this year.

Still, the OPEC had offered some strength to oil prices earlier in November after announcing a delay in plans to increase production this year.  China stimulus, US CPI in focus 

Oil markets were now holding out for more cues on China’s plans for fiscal stimulus, after a recent 10 trillion yuan ($1.4 trillion) debt package largely underwhelmed. Analysts said the country was seeking more clarity on how the Trump administration will treat Beijing before mobilizing more stimulus. 

Beijing is likely to unveil more stimulus during a series of top government meetings in December.

In the U.S., focus was on a consumer inflation reading due later on Wednesday. The reading is widely expected to factor into the Federal Reserve’s outlook on interest rates. 

Source: Investing.com

Последние публикации
Gold prices dip to near 2-mth low after CPI data boosts dollar; Copper slides
14.11.2024 - 06:00
Oil prices muted after mixed US inventory data; more demand cues awaited
14.11.2024 - 04:00
Oil prices edge down, forecasts for higher oil output, weak demand growth weigh
14.11.2024 - 03:00
Japan planning $87 billion extra budget to fund stimulus package, paper says
14.11.2024 - 02:00
Trump pick Rubio could harden oil sanctions on Iran, Venezuela
14.11.2024 - 01:00
Oil futures dips on mixed API report as weekly gasoline stocks climb
14.11.2024 - 01:00
Oil rebounds slightly on short-covering as strong dollar caps gains
14.11.2024 - 00:00
Oil settles up on short-covering but strong dollar caps price gains
13.11.2024 - 22:00
Gold prices slides to fourth-straight loss as dollar rebounds
13.11.2024 - 22:00
Democratic governors create group to resist Trump policies
13.11.2024 - 22:00
Exclusive-Saudi Arabia prioritizes sports for NEOM plans as costs balloon, sources say
13.11.2024 - 21:00
Oil bounces back on short-covering after OPEC's gloomy demand forecast
13.11.2024 - 20:00
Oil slips towards 2-week low on gloomy demand outlook
13.11.2024 - 17:00
Gold prices rise after US inflation data; Citi cuts copper forecast
13.11.2024 - 16:00
Oil prices edges higher ahead of US CPI; remain near 2-week lows
13.11.2024 - 15:00

© Analytic DC. All Rights Reserved.

new
Анализ рынка Как повлият завтра отчет NFP на курс доллара США?