Oil Rises Over 1% on Optimistic Chinese Data
Oil prices rose on Monday, buoyed by robust factory activity in China, the world’s second-largest oil consumer, and escalating tensions in the Middle East.
Israel resumed attacks on Lebanon despite a ceasefire agreement, adding to geopolitical concerns. Brent crude futures gained 75 cents, or 1.04%, to $72.59 per barrel, while U.S. West Texas Intermediate USOIL rose 70 cents, or 1.03%, to $68.70 per barrel.
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Stronger-than-expected economic data from China supported crude prices, which had been under pressure due to concerns about Chinese demand. Recent stimulus measures in China appear to be positively impacting economic activity, raising hopes for increased oil demand in the coming months.
A private sector survey revealed that Chinese factory activity expanded in November at its fastest pace in five months, boosting optimism among businesses. This comes as U.S. President-elect Donald Trump intensifies his trade threats, adding another layer of uncertainty to global markets.
Oil Outlook
Traders are also monitoring developments in Syria, weighing the potential for broader Middle Eastern tensions. Last week, both Brent and WTI fell more than 3%, as concerns over supply disruptions from the Israel-Hezbollah conflict eased and forecasts of a surplus in 2025 grew, despite expectations of sustained production cuts.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, postponed their meeting to December 5. According to sources within the group, they are considering delaying the planned production increase scheduled for January. This week’s meeting will determine production policy for the early months of 2025.
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