Crude oil near 6-week low - focus on Chinese demand and OPEC plus meetings
2024/7/29 10:22 JST (some excerpts)
The crude oil futures exchange rate remained close to a low for the first time in 6 weeks due to trading on the 29th Asian time. Ahead of the “OPEC Plus” meeting composed of the Organization of Petroleum Exporting Countries (OPEC) and non-member oil-producing countries within the week, concerns surrounding demand from China, which is the world's largest crude oil importer, have abated in response to good economic indicators.
North Sea Brent futures are above $81 per barrel. It fell on the 26th, and continued to fall for 3 weeks on a weekly basis. West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) is traded around $77.
The crude oil futures exchange rate remained close to a low for the first time in 6 weeks due to trading on the 29th Asian time. Ahead of the “OPEC Plus” meeting composed of the Organization of Petroleum Exporting Countries (OPEC) and non-member oil-producing countries within the week, concerns surrounding demand from China, which is the world's largest crude oil importer, have abated in response to good economic indicators.
North Sea Brent futures are above $81 per barrel. It fell on the 26th, and continued to fall for 3 weeks on a weekly basis. West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) is traded around $77.
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