Breaking News
Quotes
All Instrument Types
  • All Instrument Types
  • Indices
  • Equities
  • ETFs
  • Funds
  • Commodities
  • Currencies
  • Crypto
  • Bonds
  • Certificates

Please try another search

Search website for: 
Popular News
More
Popular Analysis
More
More
/Free Sign Up
 Investing Pro 0
Free Webinar - Master High-Probability Trades! | Tuesday, March 21, 2023 | 11:00AM PST Enroll Now

Oil settles up 2% on strong U.S. data, China reopening

Commodities Jan 26, 2023 03:22PM ET
4
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford
 
LCO
+1.33%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
 
Create New Watchlist Create
Create a new holdings portfolio Add Create
+ Add another position Close
CL
+1.49%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
 
Create New Watchlist Create
Create a new holdings portfolio Add Create
+ Add another position Close

By Scott DiSavino

NEW YORK (Reuters) - Oil prices rose about 2% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data.

Brent futures rose $1.35, or 1.6%, to settle at $87.47 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 86 cents, or 1.1%, to settle at $81.01.

The U.S. economy grew faster than expected in the fourth quarter, but a measure of domestic demand rose at its slowest pace in 2-1/2 years, reflecting higher borrowing costs.

"Crude prices got an unexpected boost from a U.S. economy that doesn’t want to break," said Edward Moya, senior market analyst at data and analytics firm OANDA.

U.S. crude inventories edged up by 533,000 barrels to 448.5 million barrels in the week ending Jan. 20, the Energy Information Administration (EIA) said.

That was short of forecasts for a 1 million barrel rise, though the EIA says crude stocks are at their highest since June 2021.

China has been easing stringent COVID-19 restrictions this month, with Beijing reopening borders for the first time in three years.

"China's reopening is supporting demand prospects," said UBS analyst Giovanni Staunovo.

"Also, market participants are closely tracking the upcoming OPEC+ JMMC (Joint Ministerial Monitoring Committee) meeting and the EU (European Union) embargo on refined products," Staunovo said.

The Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia, are collectively known as OPEC+.

The OPEC+ ministerial panel meeting on Feb. 1 is likely to endorse the oil producer group's current output levels, OPEC+ sources said.

Global economic growth is forecast to barely move above 2% this year, a Reuters poll of economists showed, suggesting a further downgrade is possible. That was at odds with widespread optimism in markets since the beginning of the year.

Oil settles up 2% on strong U.S. data, China reopening
4
 
Comments (4)
4

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I Agree
Write your thoughts here
 
Are you sure you want to delete this chart?
Delete Cancel
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
Replace Cancel
1000
Comment Guidelines
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Ryan Guillen
Ryan Guillen Jan 26, 2023 10:19AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
recycled new.
Reply
3 0
Report
Ryan Guillen
Ryan Guillen Jan 26, 2023 10:19AM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
it's hiking the first news said 1% then 2 hours later 2%. Please! Try to justify your salary an give us fresh news.
Reply
0 0
Report
Joel Schwartz
Joel Schwartz Jan 25, 2023 11:26PM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
Oil companies doing $75B in stock buybacks…yeah, some free market…
Reply
0 1
Report
John Eisenbeiser
John Eisenbeiser Jan 25, 2023 11:26PM ET
Save
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Block User
You are free to participate or not.
Reply
2 0
Report
 
Are you sure you want to delete this chart?
Delete Cancel
 
Post
 
Replace the attached chart with a new chart ?
Replace Cancel
1000
Comment Guidelines
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Cancel Attach
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Confirm Block Cancel
Ok
Report this comment

I feel that this comment is:

Submit
Comment flagged

Thank You!

Your report has been sent to our moderators for review
Close
Continue with Google
or
Sign up with Email