Oil drilling rigs
Oil prices rose slightly on Friday, heading toward weekly gain, as tensions in the Middle East kept the market on edge. Meanwhile, investors await further details on Chinese stimulus packages.
Brent crude futures rose 0.23%, or $0.17, to $74.55 a barrel, at 8:05 am Makkah time.
Similarly, futures prices for US West Texas Intermediate (WTI) crude added 0.2%, or $0.13, to $70.32 per barrel.
Investors are looking for more clarity about Beijing’s stimulus policies, as the lack of details in previous meetings of China’s government raised worries about demand.
Wood Mackenzie expects Chinese oil demand to grow by 400,000 barrels per day in 2024, supported by the Chinese government’s plans to stimulate the economy.
“We remain of the view that the right price for crude oil currently is around $70 where it is now, as we await fresh price drivers, including the outcome of China’s NPC Standing Committee meeting as well as Israel’s response to Iran’s October 1 missile attack,” IG market analyst Tony Sycamore said in a note, referring to WTI prices.
https://www.argaam.com/en/article/articledetail/id/1763402
