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 steady ahead of a demand boost from China

28 Dec 2022 , 10:39 AM

As China continues to ease COVID-19 restrictions, Oil prices in the Wednesday session rose as markets hints optimistic fuel demand recovery.

Brent futures for February delivery were up 31 cents, or 0.4%, to $84.64 per barrel by 0117 GMT. Crude oil in the United States rose 22 cents, or 0.3%, to $79.75 per barrel. On Tuesday, both benchmarks reached their highest level in three weeks amid an upbeat market mood.

The hopes for an increase in fuel demand in China come as the world’s second-largest economy prepares to reopen its borders next month after three years of strict restrictions on movement and business to combat the spread of COVID.

The news that Russia aims to ban oil sales from Feb 1 also lent some cushioning to the prices. This ban shall be applicable to countries that abide by G7 price cap imposed on Dec 5.

Meanwhile, crude oil stocks in the United States are expected to fall by 1.6 million barrels, with distillate inventories also expected to fall, as per a preliminary Reuters poll released on Monday.

Elsewhere, an Arctic blast has caused temperatures to drop well below freezing, halting oil and gas production in North Dakota and Texas

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

Related Tags

  • brent crude
  • China Market
  • Crude Futures
  • crude oil
  • global market
  • Indian Oil Markets
  • OIL price
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Most Read News

SBI Card Q4 Profit Slips 20%
25 Apr 2025|11:17 PM
HUL Q4 Net Profit Rises to ₹2,493 Crore
25 Apr 2025|10:59 PM
Sensex and Nifty in Red on April 25, 2025
25 Apr 2025|02:08 PM
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 Capital Services 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.