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Old 11-09-2023, 12:11
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KostiaFM KostiaFM is offline
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Default Re: Daily Economic news by ForexMart

September 11. Oil market news

On Monday morning, oil prices remain stable in the area above $90 per barrel.

The current quotation of Brent crude oil is $90.30. The maximum reached at the end of last week is $90.83. North American WTI oil shows similar dynamics: the current price is $86.97 per barrel, Friday's maximum is $87.75.

These marks were the highest since November last year. Over the past week, prices for Brent rose by 2.4%, and for WTI by 2.3%.

The current slight decline in prices is probably a technical correction. Although the oil market is still under pressure from concerns related to the slowdown in economic growth in China.

China returned to inflation in August, but the growth rate was slower than expected. Consumer prices (CPI index) in the country last month increased by 0.1% in annual terms, which was below the average analysts' expectations of 0.2%. In July, the decline was 0.3%.

This week, attention should be paid to the publication of OPEC's monthly report on the oil market, which is scheduled for Tuesday. And on Wednesday, the US Department of Energy will present a weekly report on crude oil reserves in the country.
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