Oil prices steady ahead of OPEC report
OIL & GAS

Oil prices steady ahead of OPEC report

Oil prices were little changed, awaiting further price direction from OPEC's monthly report, while investor disappointment over China's latest stimulus plan and oversupply concerns limited gains. Brent crude futures rose 38 cents, or 0.5% , to $72.21 a barrel, by 0944 GMT. U.S. West Texas Intermediate crude futures were up 36 cents, or 0.5 % at $68.40 a barrel.

"In a flat price environment that is stalled, supply and demand become even more magnified and at present it would appear that oil market participants do not like what they see," said John Evans, analyst with oil broker PVM. Both contracts had fallen by more than 5 % over the previous two trading sessions.

Deflationary risks from China, as well as the lack of concrete fiscal stimulus measures from Chinese policymakers to spur demand, are weighing on sentiment, said Kelvin Wong, senior market analyst at OANDA.

"On the supply side, it will be the 'Trump Trade' narrative that focuses on making the U.S. the major supplier of shale gas, as the current North Dakota Governor Doug Burgum, a pro-oil drilling advocate, is among the short-listed candidates to be named as Energy Secretary under the incoming Trump administration," he said.

Beijing unveiled a 10-trillion-yuan ($1.4-trillion) debt package to ease local government financing strains, as the country faces pressure from the re-election of Donald Trump as U.S. president, who has threatened more tariffs on Chinese goods. But analysts said it fell short of the amount needed to boost economic growth.

The world's biggest oil importer also released inflation data over the weekend, which showed consumer prices rose at the slowest pace in four months in October while producer price deflation deepened. Further price direction may come from the Organization of Petroleum Exporting Countries' monthly report later. The market will be looking out for downward revisions in demand forecasts from the group's outlook through 2025, which would add further pressure on prices.

The U.S. dollar held around four-month highs on Tuesday, as it is expected to benefit from Trump policies that are likely to keep U.S. interest rates relatively higher for longer. Markets are also bracing for further signals from U.S. inflation data and Federal Reserve speakers this week.

Oil prices were little changed, awaiting further price direction from OPEC's monthly report, while investor disappointment over China's latest stimulus plan and oversupply concerns limited gains. Brent crude futures rose 38 cents, or 0.5% , to $72.21 a barrel, by 0944 GMT. U.S. West Texas Intermediate crude futures were up 36 cents, or 0.5 % at $68.40 a barrel. In a flat price environment that is stalled, supply and demand become even more magnified and at present it would appear that oil market participants do not like what they see, said John Evans, analyst with oil broker PVM. Both contracts had fallen by more than 5 % over the previous two trading sessions. Deflationary risks from China, as well as the lack of concrete fiscal stimulus measures from Chinese policymakers to spur demand, are weighing on sentiment, said Kelvin Wong, senior market analyst at OANDA. On the supply side, it will be the 'Trump Trade' narrative that focuses on making the U.S. the major supplier of shale gas, as the current North Dakota Governor Doug Burgum, a pro-oil drilling advocate, is among the short-listed candidates to be named as Energy Secretary under the incoming Trump administration, he said. Beijing unveiled a 10-trillion-yuan ($1.4-trillion) debt package to ease local government financing strains, as the country faces pressure from the re-election of Donald Trump as U.S. president, who has threatened more tariffs on Chinese goods. But analysts said it fell short of the amount needed to boost economic growth. The world's biggest oil importer also released inflation data over the weekend, which showed consumer prices rose at the slowest pace in four months in October while producer price deflation deepened. Further price direction may come from the Organization of Petroleum Exporting Countries' monthly report later. The market will be looking out for downward revisions in demand forecasts from the group's outlook through 2025, which would add further pressure on prices. The U.S. dollar held around four-month highs on Tuesday, as it is expected to benefit from Trump policies that are likely to keep U.S. interest rates relatively higher for longer. Markets are also bracing for further signals from U.S. inflation data and Federal Reserve speakers this week.

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