{"id":26404,"date":"2023-06-23T06:03:37","date_gmt":"2023-06-23T10:03:37","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-ends-higher-buoyed-by-upbeat-comments-from-china-official\/"},"modified":"2023-06-23T06:03:38","modified_gmt":"2023-06-23T10:03:38","slug":"oil-ends-higher-buoyed-by-upbeat-comments-from-china-official","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26404","title":{"rendered":"Oil ends higher, buoyed by upbeat comments from China official"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002194193\" role=\"document\">\n<p>Oil futures ended higher Wednesday, with support attributed to upbeat economic comments from a top Chinese official and signs of good physical demand.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for August delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-1.68%<\/bg-quote><\/p>\n<p>        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-1.68%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"negative\">-1.68%<\/bg-quote><br \/>\n       rose $1.34, or 1.9%, to close at $72.53 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      August Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-1.55%<\/bg-quote><\/p>\n<p>        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"negative\">-1.47%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, settled at $77.12 a barrel, up $1.22, or 1.6%, on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      Back on Nymex, July gasoline<br \/>\n        RBN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376520\/delayed\" class=\"negative\">-1.34%<\/bg-quote><br \/>\n       rose 0.6% to end at $2.624 a gallon, while July heating oil<br \/>\n        HON23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376439\/delayed\" class=\"negative\">-1.55%<\/bg-quote><br \/>\n       rose 3.6% to $2.564 a gallon.<\/p>\n<\/li>\n<li>\n      July natural gas<br \/>\n        NGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210191117\/delayed\" class=\"negative\">-0.92%<\/bg-quote><br \/>\n       jumped 4.2% to end at $2.597 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Remarks by Chinese Vice Premier He Lifeng helped spark gains, analysts said. <\/p>\n<div class=\"paywall\">\n<p>\u201cChina\u2019s economic development is showing sound momentum in the first half of the year,\u201d he said, according to Xinhua, China\u2019s official state news agency. Disappointment in China\u2019s rebound following the lifting of COVID curbs earlier this year have weighed on crude prices in 2023.<\/p>\n<p>\u201cCrude oil appeared to catch a bid after China\u2019s Vice Premier said the economy was in good shape, rallying Brent above the 50 day moving average for the first time since April 25,\u201d said Robert Yawger, executive director for energy futures at Mizuho, in a note. <\/p>\n<p>\u201cCrude oil is also bid on strong Asian demand for Middle Eastern crudes,\u201d he said.<\/p>\n<p>Oil had struggled for direction in early trade, but then proceeded to rally as Federal Reserve Chair Jerome Powell testified before Congress.<\/p>\n<p>Powell told a House committee that, with U.S. inflation well above target, more interest rates are likely this year, although he did not shed any new light on the timing of the moves.<\/p>\n<p> The Fed last week left its policy interest rate unchanged, pausing an aggressive cycle of rate hikes that took the fed-funds rate from near zero to its current range of 5% to 5.25% since March 2022. However, Powell last week also indicated the Fed has more work to do to bring down inflation, while forecasts by individual policy makers pointed to the need for two more quarter percentage point rises in the fed-funds rate this year. <\/p>\n<p>Oil remains \u201cfairly rangebound,\u201d with cuts by OPEC+ doing little to push prices higher as worries abut the demand outlook continue to put a cap on the market, said Warren Patterson and Ewa Manthey, commodity strategists at ING, in a Wednesday note.<\/p>\n<p>\u201cIn recent weeks there has been increasing concern over China\u2019s demand outlook, despite Chinese oil demand indicators looking fairly good up until now,\u201d they said, noting that China\u2019s National Petroleum Corporation expects domestic oil demand to grow 3.5% year-over-year in 2023, down from a forecast of 5.1% in March. <\/p>\n<p>\u201cChina\u2019s demand outlook is crucial for the global market, given that the bulk of global demand growth this year is expected to be driven by China. Significantly weaker Chinese demand would also mean that the global oil balance would not be as tight as currently expected over the second half of 2023,\u201d the strategists wrote.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-steadies-ahead-of-testimony-by-feds-powell-607acbbf?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures ended higher Wednesday, with support attributed to upbeat economic comments from a top Chinese official and signs of good physical demand. Price action West Texas Intermediate crude for August delivery CL.1, -1.68% CL00, -1.68% CLQ23, -1.68% rose $1.34, or 1.9%, to close at $72.53 a barrel on the New York Mercantile Exchange. August [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-26404","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil ends higher, buoyed by upbeat comments from China official | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures ended higher Wednesday, with support attributed to upbeat economic comments from a top Chinese official and signs of good physical\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=26404\" 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