Oil rises as China’s demand gains while Russia’s exports stall
BNN Bloomberg
Oil made small gains as Lunar New Year festivities in China drove increased demand while Russian exports shrank — both boosting prices Monday morning.
West Texas Intermediate edged above US$82 a barrel, continuing a streak of gains that brought it to the highest close since mid-November on Friday. Still, a strengthening dollar restrained crude’s climb.
Oil has shaken off a weak start to 2023 as the end of China’s COVID-Zero policies have prompted the world’s largest oil importer to boost its import quotas and prompted analysts to raise their projections for demand. Expectations that the Federal Reserve is close to ending its series of aggressive rate hikes have also buoyed prices.
Crude markets also were bolstered by several measures of technical strength. Brent futures crossed above their 100-day moving average for the first time since November, which could spur more buyers to enter the market. Meanwhile, net bullish bets on Brent futures surged to a two-month high last week.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.