Last updated on October 9, 2023
Oil prices are on track to achieve a weekly increase of approximately 2%, as they recovered their momentum on Friday. The surge in prices can be attributed to robust holiday demand from China and a continuously limited supply in the United States. These factors have managed to overshadow concerns regarding potential increases in supply from Saudi Arabia.
The holiday season in China has led to a surge in demand for oil, contributing to the upward tick in prices. Additionally, the United States continues to face tight fundamentals, which have further supported the positive momentum. Despite expectations of possible supply boosts from Saudi Arabia, the combination of Chinese demand and U.S. supply constraints has outweighed these concerns, resulting in the overall weekly gain in oil prices.
Hashtags: #oilprices #demandandsupply #Chinesedemand #U.S.fundamentals
Keywords: oil prices, weekly gain, holiday demand, China, U.S. fundamentals, supply increases, Saudi Arabia, supply constraints.
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