Oil prices rose moderately on Friday, ending the week with positive dynamics due to expectations of stimulating measures for the Chinese economy, the world's largest oil importer. Additional support for the market was provided by data on a decrease in oil reserves in the United States. According to estimates by the American Petroleum Institute, inventories decreased by 3.2 million barrels, exceeding the forecast of analysts who expected a decrease of 1.9 million barrels. Brent crude futures rose 0.6% to $73.33 per barrel, while WTI rose 0.49% to $69.96. By the end of the week, Brent added 0.5%, and WTI — 0.4%. Optimism about China's economy has intensified after the World Bank improved the country's GDP growth forecasts for 2024 and 2025. However, experts stressed that the low confidence of households and businesses will continue to exert pressure. China plans to issue 3 trillion yuan ($411 billion) in special treasury bonds next year to boost economic activity. Nevertheless, the strengthening of the US dollar limited the rise in oil prices. The US currency strengthened amid expectations that the new economic policy could contribute to inflation.
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