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)

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code