Register
Demo
Contacts
 

Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil is growing moderately after a week-long decline

October, 21 2024
watermark Economic news

Oil prices showed moderate growth on Monday after a more than 7% drop last week. Brent crude futures rose 1.22% to $74.20 per barrel, while WTI contracts rose 1.48% to $69.88.


Last week, Brent crude lost more than 7% and WTI lost about 8%, which was the biggest weekly decline since September. The drop was caused by concerns about oil demand in China and easing concerns about possible supply disruptions in the Middle East.


On Monday, China was expected to cut base lending rates as part of stimulus measures to revive the economy. Data for the third quarter showed a slowdown in economic growth in China, which increased concerns about oil demand.


However, the CEO of Saudi Aramco said at an energy conference in Singapore that he was optimistic about China's oil demand, citing political support for growth and increased demand for aviation fuel and chemical products.


On Friday, the U.S. Energy Information Administration reported record weekly oil production from U.S. fields, which may also affect future prices.


World-Class Trading Platform

Professional Customer Support

Best Execution

Logo

QUICK LINKS

+ 442 030 976 697
Contact Us
Feedback
twitter

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
defer(function(){ $("#cookies_modal").modal('show'); setCookie('fm_cookies', 'agree'); $(document).on('click', ".fm_cookies", function () { $("#cookies_modal").modal('hide'); setCookie('fm_cookies', 'agree'); }); }); function setCookie(key, value) { var expires = new Date(); expires.setTime(expires.getTime() + (10 * 365 * 1 * 24 * 60 * 60 * 1000)); document.cookie = key + '=' + value + ';expires=' + expires.toUTCString(); }
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.