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OIL Firms | InvestmentBell

AnalisiAzioniOIL firms

OIL firms

Oil prices rose Tuesday, supported by hopes a solid economic rebound in China will drive up fuel demand, offsetting worries about further U.S. interest rate hikes dragging on consumption in the world’s biggest economy.

The threat of more U.S. rate increases following stronger-than-expected new orders for core U.S.-manufactured capital goods in January, capped gains though, with U.S. Federal Reserve Governor Philip Jefferson saying inflation for services remained “stubbornly high”.

“The stronger-than-expected inflation numbers raised concerns about further hikes in interest rates, which has already curbed demand in the U.S.,” ANZ analysts said in a client note.

The market will be looking to the latest U.S. oil stocks data due from the American Petroleum Institute industry group on Tuesday and the government’s Energy Information Administration on Wednesday for further demand indicators.

A preliminary Reuters poll showed analysts expect crude stocks grew by 400,000 barrels in the week to Feb. 24, which would mark the tenth consecutive week of builds.

 

Brent and WTI futures were both on track, however, for monthly losses, with WTI likely to hit a four-month streak of declines.

Expectations of demand recovery in China underpinned gains, with the market awaiting key data over the next two days. Economists polled by Reuters expected factory activity in the world’s second-largest economy grew in February.

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