WTI extends losses near $86.70, Chinese crude oil output edges up
The post WTI extends losses near $86.70, Chinese crude oil output edges up appeared on BitcoinEthereumNews.com. Crude oil prices weaken despite geopolitical tension in the Middle-East. Israel hit missiles at Damascus and Aleppo international airports in Syria. Chinese crude oil output edged up 0.3% (YoY) to 16.87 million tonnes. Western Texas Intermediate (WTI) oil price extends losses for the second session, trading lower around $86.70 per barrel during the Asian session on Monday. However, Crude oil prices received upward support due to the concerns that the Israel-Gaza conflict may escalate across the Middle East, potentially disrupting supplies from one of the world’s leading production regions. Concerns among investors are rising due to the potential spillover of geopolitical tensions in the Gaza Strip, which poses a threat to the stability of the region near the Strait of Hormuz. This strategic waterway is a crucial chokepoint for global oil supply, with about a fifth of the world’s oil passing through its waters. Moreover, the situation in the region remains tense as Israel targeted missiles at Damascus and Aleppo international airports in Syria on Sunday. The strikes resulted in both airports being rendered out of service. However, there is currently no indication of a ground war in Gaza. China’s crude oil output has seen a 1.9% year-on-year increase in the first three quarters of 2023, reaching 156.72 million tonnes, according to data from the National Bureau of Statistics (NBS). In the most recent month, crude oil output edged up 0.3% (YoY) to 16.87 million tonnes. Additionally, China’s crude oil imports surged, with the country importing 424.27 million tonnes in the first nine months of 2023, reflecting a significant increase of 14.6% compared to the same period in 2022. These figures indicate ongoing dynamics in China’s energy landscape and its role in the global oil market. The US Dollar Index (DXY) trades higher around 106.30 at the time of writing,…
The post WTI extends losses near $86.70, Chinese crude oil output edges up appeared on BitcoinEthereumNews.com.
Crude oil prices weaken despite geopolitical tension in the Middle-East. Israel hit missiles at Damascus and Aleppo international airports in Syria. Chinese crude oil output edged up 0.3% (YoY) to 16.87 million tonnes. Western Texas Intermediate (WTI) oil price extends losses for the second session, trading lower around $86.70 per barrel during the Asian session on Monday. However, Crude oil prices received upward support due to the concerns that the Israel-Gaza conflict may escalate across the Middle East, potentially disrupting supplies from one of the world’s leading production regions. Concerns among investors are rising due to the potential spillover of geopolitical tensions in the Gaza Strip, which poses a threat to the stability of the region near the Strait of Hormuz. This strategic waterway is a crucial chokepoint for global oil supply, with about a fifth of the world’s oil passing through its waters. Moreover, the situation in the region remains tense as Israel targeted missiles at Damascus and Aleppo international airports in Syria on Sunday. The strikes resulted in both airports being rendered out of service. However, there is currently no indication of a ground war in Gaza. China’s crude oil output has seen a 1.9% year-on-year increase in the first three quarters of 2023, reaching 156.72 million tonnes, according to data from the National Bureau of Statistics (NBS). In the most recent month, crude oil output edged up 0.3% (YoY) to 16.87 million tonnes. Additionally, China’s crude oil imports surged, with the country importing 424.27 million tonnes in the first nine months of 2023, reflecting a significant increase of 14.6% compared to the same period in 2022. These figures indicate ongoing dynamics in China’s energy landscape and its role in the global oil market. The US Dollar Index (DXY) trades higher around 106.30 at the time of writing,…
What's Your Reaction?
