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    Home > Chemicals Industry > Petrochemical News > Market demand outlook is optimistic Oil prices are rising

    Market demand outlook is optimistic Oil prices are rising

    • Last Update: 2023-02-01
    • Source: Internet
    • Author: User
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    According to Bloomberg on January 9, the generous quota of crude oil imports in Asian demand markets has boosted oil, and hopes of a recovery in demand from the world's largest buyers have reappeared

    West Texas Intermediate (WTI) rose 1.
    2 percent on Monday to settle above
    $74 a barrel.
    This is a signal that the market is preparing to meet more demand
    A weaker dollar has also boosted the attractiveness
    of dollar-denominated commodities.
    The price rose as high as 4% intraday, but with the forward curve still flashing with future weakness, many traders said the price around $77 was the trigger point
    for selling.

    The week also marks the beginning of the annual rebalancing of the world's most important commodity index, a period typically characterized
    by volatility across the bulk raw materials market.
    According to Citigroup Inc.
    and Societe Generale SA estimates that more than $1 billion should have flowed into the global Brent oil market during this period, leading to outflows from WTI

    The WTI index for February delivery rose 86 cents to settle at $74.
    63 a barrel in New York

    Brent crude for March delivery rose $1.
    08 to settle at $
    64 a barrel.

    Crude has had a sluggish start to the year, posting a decline of about 8 percent last week as the oil market showed signs
    of weakness recently.
    At present, despite the improvement in liquidity indicators in recent days, traders are still waiting for a real pick-up
    in market demand.

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