iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Oil prices decline in early trade

3 Mar 2023 , 08:54 AM

Although oil prices fell in early Friday trade, they were still expected to end the week up almost 2% as a rebound in factory activity in China countered mounting concerns about swelling U.S. crude stocks and impending rate hikes in Europe.

Brent crude futures were down 39 cents, or 0.5%, to $84.36 per barrel. At $77.75 a barrel, West Texas Intermediate (WTI) oil futures were down 41 cents, or 0.5%.

While WTI has risen over 2%, recovering from a tiny loss the previous week on expectations of robust increase in fuel consumption in China, the world’s top oil importer, Brent has risen approximately 1.6% so far this week despite opening lower on Friday, on course for a second consecutive week of gains.

China’s manufacturing activity increased last month at its quickest rate in more than ten years, supporting predictions of a resurgence in gasoline demand. This month, seaborne imports of Russian oil are anticipated to reach a new high.

Raphael Bostic, the president of the Atlanta Federal Reserve, said that the Fed should maintain its ‘steady’ quarter-point rate, which allayed American fears and supported oil prices on Thursday even in the face of positive unemployment figures.

A faster-than-expected increase in consumer prices in France, Spain, and Germany has raised expectations of more interest rate increases by the European Central Bank, although the market is still cautious about this development (ECB).

According to a preliminary estimate from the EU statistics office, inflation in the euro zone increased to an annual rate of 8.5% in February, which was higher than anticipated.

This week’s market volatility was also brought on by the United States’ 10th straight week of crude stock building.

For feedback and suggestions, write to us at editorial@iifl.com

explored-media

Related Tags

  • China
  • crude oil
  • USA
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.