Oil prices surge to near 3-month high amid supply constraints and positive China stimulus outlook
by ChemOrbis Editorial Team - content@chemorbis.com
According to media sources, crude oil futures climbed by 2.1% to their highest levels since April due to tighter supply expectations for the second half of the year and China’s stimulus hopes.
Both crude oil futures have been moving upward for a month now as Saudi Arabia and Russia had announced that they would be cutting output from August on.
Meanwhile, expectations of new stimulus measures from China to revive its economy and bolster demand is another factor contributing to the bullish scene.
On Monday, Brent crude settled up $1.67, or 2.1% at $82.74/bbl, while West Texas Intermediate (WTI) crude also increased by $1.67, or 2.1%, to settle at $78.74/bbl.
Brent crude oil futures were trading higher by 22 cents during intraday sessions on Tuesday at $82.96/bbl, while WTI crude oil futures were trading higher by 26 cents at $79.00/bbl
Both crude oil futures have been moving upward for a month now as Saudi Arabia and Russia had announced that they would be cutting output from August on.
Meanwhile, expectations of new stimulus measures from China to revive its economy and bolster demand is another factor contributing to the bullish scene.
On Monday, Brent crude settled up $1.67, or 2.1% at $82.74/bbl, while West Texas Intermediate (WTI) crude also increased by $1.67, or 2.1%, to settle at $78.74/bbl.
Brent crude oil futures were trading higher by 22 cents during intraday sessions on Tuesday at $82.96/bbl, while WTI crude oil futures were trading higher by 26 cents at $79.00/bbl
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- March hints at further hikes in European PP, PE markets
- India’s PVC market dips to new lows on Taiwan’s March cuts, players seek signs of bottom
- Q1 turnarounds uplift Mid-East PP, PE markets in February; will it spill over to March?
- SE Asia’s indefinite PE shutdowns: A market in crisis as demand woes threaten survival
- Türkiye’s PPH markets perform better than copolymers in February
- Margin recovery priorities outweigh supply imbalances in European PVC markets
- Asian PVC demand stagnant; recovery hopes shift to end of Q1
- Tough slog in S Korea’s petchem industry spells disappointing 2024 financial results; will government's recent plan help weather the storm?
- China’s PP, PE markets face post-holiday supply surge and tepid demand
- A tug-of-war unfolds in Türkiye as PVC demand struggles against rising costs
