Crude oil prices pull back from last week’s high. China oil imports also hit record high in 2023. Manisha Gupta brings us the details.
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We’ll move on and talk about Commodities now Manisha Gupta joins in and she’s going to be talking about crude oil prices Manisha thank you for that well yes you know the Friday was a strong day for the crude oil prices you saw 80 plus kind of levels for Brent and 75 is what
We saw for the WTI crude oil prices also so while it has come off those kind of Highs but we still are trading on the higher side of the range as it was that is because we are looking at China uh stay Pat on its uh interest rates and
They have injected more money into the system that is into the bank in system and they have been doing that in the month of November and December as well so that is one thing that is keeping the markets positive there apart from that the Chinese oil imports while hit a
Record high in previous year the street still wants to see on whether that will continue from China going forward as well much of the buying from China does happen in the month of January because Feb is when they hit the golden onewe holidays as well so that is that is what
The street is looking for as another queue apart from that markets also are looking at uh uh the concerns that we have on Red Sea that is a premium that country to be on the prices there but it is going to be demand that you will have
To see from Asia from us as well that has continued to be a concern there also is a report from city which has lowered the Brent output outlook for 2024 at around $70 a barrel and for 2025 they’re even more bearish and have put $60 a barrel as an average forecast for that
Year the markets in the meanwhile will watch out for the China’s fourth quarter GDP numbers that comes in on Friday uh Wednesday rather there also is retail sales number that comes in on Friday and then you have a lot of FC official speeches coming in for the rest of this
Week as well and that would give you further cues as well the street does believe that $882 as of now continues to be a stiff resistance for this one it promises to be an action-packed week for crude oil prices Manisha thanks a lot for joining in it’s a slippery
Slope indeed for oil prices as we go into an action-packed week but time for a short break here on
