Oil prices they quoted with few changes todaybut they continued heading towards a weekly dropas investors weighed expectations of a rise in Libyan production and the broader group of OPEC+ in the face of new stimuli from the main importer, China.
The futures of Brent crude oil they rose 17 cents, 0.24 percentto $71.77 per barrel, while US oil futures West Texas Intermediate they went up 27 centsor 0.4 percent, to $67.94.
In weekly terms, the Brent oil I lost almost 4 percentwhile the WTI was on track to lose close to 6 percent.
“The recent decision by OPEC+ to increase production has only compounded the pessimism,” said Priyanka Sachdeva, senior market analyst at Phillip Nova, adding that the oil market has been struggling with weakening demand in recent months.
“Although it is uncertain whether Chinese stimulus will translate into higher fuel demand, it may still offer some respite to the “oil market”.
China’s central bank went down interest ratesyes and injected liquidity into the banking system, with the aim of boosting the economic growthor towards this year’s target, around 5 percent.
More fiscal measures are expected to be announced before the Chinese holidays starting on October 1, after a meeting of top Communist Party leaders showed greater sense of urgency in the face of the growing adverse factors facing the economy.
On the other hand, the rival factions vying for control of the Central Bank of Libya They signed an agreement on Thursday to end their dispute. The dispute had caused a drop in oil exports to 400 thousand barrels daily (bpd) this month, compared to more than one million barrels last month.
On the other hand, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, They will continue with their plans increase production in 180 thousand barrels daily every month starting in December.
A report of Financial Times published on Wednesday stated that the planned increase is due to Saudi Arabia’s decision to abandon the goalor an oil price of $100 and gain market share.
Saudi Arabia has repeatedly denied targeting a particular oil priceand sources from the broader group told Reuters that the plans increase production as of December they do not represent any major change from current policy.
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