+
Oil prices steady after dip on China stimulus impact
OIL & GAS

Oil prices steady after dip on China stimulus impact

Oil prices remained largely stable in early September 12, trading as investors awaited insights from OPEC’s monthly report, following declines driven by concerns over oversupply and China’s recent stimulus announcement. By 0158 GMT, Brent crude futures had edged down by 1 cent to $71.82 per barrel, while U.S. West Texas Intermediate crude rose 3 cents to $68.07 per barrel.

Both benchmarks saw a decline of over 5% across the last two sessions, affected by China’s 10 trillion yuan debt relief plan aimed at alleviating local government financial pressure. Analysts, however, indicated the package might fall short of significantly boosting economic growth.

The OPEC report is expected to provide direction on demand forecasts, with the possibility of further demand downgrades through 2025, which could add pressure to prices. ING analysts noted the recent shift in Brent and WTI time spreads toward contango, suggesting a well-supplied market.

Meanwhile, a stronger U.S. dollar, fuelled by expectations around upcoming U.S. inflation data and Federal Reserve commentary, added further pressure on oil prices by making dollar-denominated commodities like oil more expensive for foreign buyers. (ET)

Oil prices remained largely stable in early September 12, trading as investors awaited insights from OPEC’s monthly report, following declines driven by concerns over oversupply and China’s recent stimulus announcement. By 0158 GMT, Brent crude futures had edged down by 1 cent to $71.82 per barrel, while U.S. West Texas Intermediate crude rose 3 cents to $68.07 per barrel. Both benchmarks saw a decline of over 5% across the last two sessions, affected by China’s 10 trillion yuan debt relief plan aimed at alleviating local government financial pressure. Analysts, however, indicated the package might fall short of significantly boosting economic growth. The OPEC report is expected to provide direction on demand forecasts, with the possibility of further demand downgrades through 2025, which could add pressure to prices. ING analysts noted the recent shift in Brent and WTI time spreads toward contango, suggesting a well-supplied market. Meanwhile, a stronger U.S. dollar, fuelled by expectations around upcoming U.S. inflation data and Federal Reserve commentary, added further pressure on oil prices by making dollar-denominated commodities like oil more expensive for foreign buyers. (ET)

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?