{"id":84676,"date":"2023-11-15T01:33:24","date_gmt":"2023-11-15T06:33:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-gains-on-china-economic-data-strong-demand-forecast\/"},"modified":"2023-11-15T01:33:25","modified_gmt":"2023-11-15T06:33:25","slug":"oil-gains-on-china-economic-data-strong-demand-forecast","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84676","title":{"rendered":"Oil gains on China economic data, strong demand forecast"},"content":{"rendered":"
\n

By Sudarshan Varadhan<\/p>\n

(Reuters) -Oil prices rose on Wednesday as China’s factory output and retail sales beat expectations, a day after the International Energy Agency (IEA) raised its oil demand growth forecast for this year. <\/p>\n

futures rose 20 cents, or 0.2%, to $82.67 a barrel by 0427 GMT, while U.S. West Texas Intermediate (WTI) crude rose 15 cents, also 0.2%, to $78.28.<\/p>\n

China’s October economic activity perked up as industrial output grew at a faster pace and retail sales growth beat expectations, an encouraging sign for the world’s second-largest economy.<\/p>\n

The IEA joined the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in raising oil demand growth forecast for this year, despite projections of slower economic growth in many major countries.<\/p>\n

“It (IEA) sees oil demand remaining healthy. It raised its forecast due to better-than-expected consumption in China,” ANZ Research said in a note on Wednesday.<\/p>\n

Expectations that the U.S. Federal Reserve could cut interest rates next spring sent the U.S. dollar down to a two-and-a-half-month low against a basket of other currencies. A weaker dollar can boost oil demand by making crude cheaper for buyers using other currencies.<\/p>\n

The U.S. Energy Information Administration (EIA) will release its first oil inventory report in two weeks on Wednesday. EIA did not release a storage report last week due to a systems upgrade. [EIA\/S]\n

For the week ended Nov. 10, analysts forecast energy firms added about 1.8 million barrels of crude into U.S. stockpiles, according to a Reuters poll, in line with from the American Petroleum Institute out Tuesday. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Sudarshan Varadhan (Reuters) -Oil prices rose on Wednesday as China’s factory output and retail sales beat expectations, a day after the International Energy Agency (IEA) raised its oil demand growth forecast for this year. futures rose 20 cents, or 0.2%, to $82.67 a barrel by 0427 GMT, while U.S. West Texas Intermediate (WTI) crude […]<\/p>\n","protected":false},"author":1,"featured_media":3254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-84676","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil gains on China economic data, strong demand forecast | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Sudarshan Varadhan (Reuters) -Oil prices rose on Wednesday as China's factory output and retail sales beat expectations, a day 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