The prices of oil They increased this Tuesday in a not very active market on the eve of the New Year, supported by the expectation of an economic recovery in China, the world’s leading importer of black gold.
The price of a barrel of Brent from the North Sea, for delivery in March, gained 0.88% to $74.64. Its US equivalent, West Texas Intermediate, for delivery in February, rose 1.03% to $71.72.
“Favorable economic news from China helped support the market,” Andy Lipow of Lipow Oil Associates told AFP.
According to official figures released on Tuesday, China’s manufacturing activity advanced in December for the third consecutive month, a positive sign regarding the Asian giant’s ability to achieve its growth goals.
In recent weeks, Beijing announced a series of shock measures to stimulate economic activity, weighed down by a persistent crisis in the real estate sector and weak consumption, as well as to face the prospect of new trade tensions with Washington.
The economic health of China, the world’s largest importer of crude oil, is essential for oil demand and its recovery should limit the imbalance between supply and demand in oil markets.
The outlook for 2025, however, does not seem favorable for black gold prices, according to analysts.
“The dominant theme will be increased production in North and South America, associated with significant reserve capacity from OPEC+ (Organization of the Petroleum Exporting Countries and its allies),” according to Lipow.
The International Energy Agency (IEA) forecasts “a supply surplus of 950,000 barrels per day” in 2025, which could worsen if OPEC+ does not return to its voluntary cuts after March. AFP
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