Oil prices increased today, Tuesday, with the support of instability in the Middle East after the Israeli bombing of the Gaza Strip, in addition to the Chinese stimulus plans, but the concerns of global growth, US customs duties and ceasefire talks between Russia and Ukraine have limited the gains.
Oil prices
Brent crude futures rose $ 1.04, 1.46% to $ 72.11, while US West Texas Intermediate crude futures rose $ 1.05, or 1.57% to $ 68.62 a barrel.
“In addition to the American strikes on the Houthis in Yemen, the” ING “analysts said,” along with the American strikes on the Houthis in Yemen, which provided several factors in support of the market. “
“China has revealed plans to revive consumption, while the growth of Chinese retail sales and fixed asset investments came stronger than expected,” they added.
The Chinese Council of Ministers revealed the day before yesterday, Sunday, a special action plan to enhance local consumption, which includes procedures such as increasing income and providing benefits for child care.
And gave Chinese economic data that showed yesterday, Monday, retail sales growth accelerated during January and February last investors, reasons for optimism, despite the decrease in factories production and the unemployment rate in urban areas to the highest level in two years.
Official data showed on Monday that crude oil production in China (the world’s largest importer) rose 2.1% in January and February February, compared to the previous year, supported by a new refinery and travel trips during the new lunar year.
Prices also enjoyed support after US President Donald Trump vowed to continue the attack on the Houthis in Yemen unless they end their attacks on ships in the Red Sea.
The bombing of Gaza and the war in Ukraine
Regarding the Israeli war on Gaza, the Palestinian health authorities reported that the Israeli air strikes on Gaza have so far led to the death of more than 400 Palestinians after they ended today’s attacks on Tuesday for weeks on the extension of the ceasefire that started on January 19 last.
While highlighting the ongoing concerns about the demand, the Organization for Economic Cooperation and Development said on Monday that Trump’s customs duties will weaken growth in the United States, Canada and Mexico, which will negatively affect global energy demand.
The talks that will take place today between Trump and Russian President Vladimir Putin on ending the war in Ukraine are the focus of markets and customers as well.
The markets believe that any possible peace negotiations will include reducing sanctions on Russia and the return of its supplies of crude oil to global markets, which will negatively affect prices.
