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View of the bulk carrier “Yan Dun Zhao 1” at Vostochny Container Port on the coast of Nakhodka Bay, near the Russian port city of Nakhodka, August 12, 2022.Reuters/Tatiana Mir/File photo Obtaining license rights
BEIJING, Nov 9 (Reuters) – Oil prices edged higher on Thursday as markets ignored deflationary indicators in China and looked for more clues about demand conditions in the world’s two biggest oil consumers.
Brent crude futures rose 62 cents, or 0.8%, to $80.16 a barrel by 0145 GMT. U.S. WTI crude oil futures rose 61 cents, or 0.8%, to $75.94 per barrel.
The gains came a day after both indexes fell more than 2% to their lowest since mid-July as concerns about potential supply disruptions in the Middle East receded and concerns about demand from the United States and China grew. Ta.
China’s inflation statistics released on Thursday showed the consumer price index (CPI) in October fell 0.2% year-on-year, while PPI data fell 2.6% year-on-year. This was roughly in line with a Reuters poll that predicted a 0.1% decline in the CPI and a 2.7% decline in the PPI.
Customs data earlier this week showed that China’s total exports of goods and services shrank faster than expected, even though the country’s oil imports were strong in October.
There is a positive side to oil demand, with China’s central bank governor, Ban Gongsheng, saying the country is on track to achieve its annual growth target of 5% this year.
For the US, inventory data may indicate weaker demand. U.S. crude oil inventories rose by 11.9 million barrels in the week ending Nov. 3, sources said, citing figures from the American Petroleum Institute.
If confirmed, this would be the highest weekly production number since February. However, the U.S. Energy Information Administration (EIA) has postponed the release of weekly oil inventory data until November 15 due to system updates.
Barclays on Wednesday cut its 2024 Brent crude price forecast by $4 to $93 a barrel, citing a recovery in U.S. oil supplies and rising Venezuelan production after sanctions on Latin American producers are eased.
Report by Andrew Haley.Editing: Tom Hogue
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