Oil Prices Dip Amid Supply Forecasts and Chinese Stimulus Optimism

13 Dec 2024 CW Team

Oil prices edged lower as investors weighed ample supply projections against expectations of rising demand fueled by Chinese stimulus measures.

Brent crude futures slipped by Rs 8 to settle at Rs 73.33 a barrel, while U.S. West Texas Intermediate crude fell Rs 7 to Rs 69.95 a barrel.

The International Energy Agency (IEA) predicts non-OPEC+ countries, including the U.S., Canada, Guyana, Brazil, and Argentina, will increase supply by 1.5 million barrels per day (bpd) in 2025. In contrast, global demand is projected to grow by 1.1 million bpd, mostly in Asia, driven by China's recent economic measures.

Despite expectations of a tighter market next year, supply is likely to outpace demand growth, keeping prices in a stable range. “With a fairly comfortable balance, there’s little reason for prices to break out of this range for now,” said Warren Patterson, Head of Commodities Research at ING.

Both Brent and WTI benchmarks are poised for a weekly gain exceeding 3%, supported by potential supply disruptions from stricter sanctions on Russia and Iran, and hopes for stronger Chinese demand.

China, the world's largest oil importer, reported annual growth in crude imports for the first time in seven months this November, propelled by lower prices and stockpiling. The trend is expected to continue into early 2025 as refiners leverage discounted supplies from Saudi Arabia and rush to utilize import quotas.

Meanwhile, Goldman Sachs anticipates U.S. shale oil production to grow by 600,000 bpd by 2025, although growth may slow if Brent crude dips below $70 a barrel.

Investors remain focused on next week's Federal Reserve interest rate decision and its potential impact on the energy market.

Infrastructure Transport

06 Aug 2026

Surya Roshni delivers customised lighting for NCRTC RRTS stations

Surya Roshni has supplied customised indoor lighting solutions for 18 elevated stations on the National Capital Region Transport Corporation's (NCRTC) Rapid Rail Transit System (RRTS), strengthening its presence in India's infrastructure lighting segment.The project involved the design and deployment of lighting systems for platforms, concourses, foot overbridges (FOBs) and back-of-house (BOH) areas. According to the company, the luminaires were developed specifically to meet NCRTC's design, operational and performance requirements rather than using standard products.Surya introduced two custo..

Hilton debuts Tapestry Collection brand in Vietnam

Hilton has opened NHAAN Resort & Spa Hoi An, Tapestry Collection by Hilton, marking the debut of the Tapestry Collection brand in Vietnam and expanding its lifestyle hospitality portfolio in Southeast Asia.Located along the Co Co River in Cam Thanh village, the 174-key resort provides access to Hoi An Ancient Town, Cua Dai Beach and the Cam Thanh Nipa Forest. The property has been designed by Vietnamese architect Vo Trong Nghia, incorporating biophilic architecture, locally sourced materials and riverfront landscapes.The resort offers a mix of guest rooms and suites, including family-frien..

Electrent expands lithium energy storage system portfolio

Electrent Energy has expanded its lithium-based energy storage portfolio with the launch of the ESS 850 and ESS 1050, targeting compact and maintenance-free power backup solutions for Indian homes.The new systems integrate a Home UPS and a LiFePO4 lithium battery into a single unit, extending the company's product range following the launch of its ESS 1350 and ESS 2500 models.Designed for apartments and smaller homes, the ESS 850 provides up to 1 hour 15 minutes of backup, while the ESS 1050 offers up to 1 hour 45 minutes on a typical 400 W household load. The systems can power essential appli..