Oil Gains on Positive China Data, Unstable Israel-Lebanon Ceasefire

04 Dec 2024 CW Team

Oil prices rose on Monday, driven by strong factory activity in China, the world’s second-largest oil consumer, and escalating tensions in the Middle East, where Israel resumed attacks on Lebanon despite a ceasefire agreement.

By 1002 GMT, Brent crude futures had increased by 75 cents, or 1.04 per cent, to $72.59 per barrel, while US West Texas Intermediate crude was up 70 cents, or 1.03 per cent, at $68.70 per barrel.

Giovanni Staunovo, an analyst with UBS, stated that the better-than-expected economic data from China was supporting crude prices, which had been affected by concerns over Chinese demand. He added that stimulus measures were beginning to positively impact economic activity, which should help bolster Chinese oil demand in the coming months.

A private-sector survey revealed that China's factory activity expanded at the fastest pace in five months in November, boosting optimism among Chinese firms, even as US President-elect Donald Trump intensified his trade threats.

Traders were also monitoring developments in Syria, weighing whether these could escalate tensions across the Middle East, according to Yeap Jun Rong, a market strategist at IG.

Despite a truce between Israel and Lebanon taking effect on Wednesday, both sides accused each other of violating the ceasefire. The Lebanese health ministry reported several injuries from two Israeli strikes in southern Lebanon, while airstrikes intensified in Syria, where President Bashar al-Assad vowed to crush insurgents in Aleppo.

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