Oil Prices Rise As China And Middle East Remain In Focus
(MENAFN- The Rio Times) Reuters reports that oil prices climbed on Friday, extending gains from the previous session. Investors remained optimistic about potential economic stimuli in China and a ceasefire in Gaza.
Brent crude futures for March delivery rose 0.76% to $76.51 per barrel on the Intercontinental Exchange in London. The benchmark saw a weekly increase of 3.15%.
West Texas Intermediate (WTI) crude for February delivery gained 1.13%, reaching $73.96 per barrel on the New York Mercantile Exchange. WTI posted a weekly advance of 4.76%.
Market Drivers
China's economic outlook continues to influence oil prices . The world's second-largest economy announced new growth-boosting measures this week.
These include an unexpected increase in government employee salaries and a significant rise in long-term Treasury bond financing. Analysts suggest that weaker Chinese economic data may actually benefit oil prices.
Such data could prompt Beijing to accelerate its stimulus package implementation. In the Middle East, a new round of indirect negotiations for a Gaza ceasefire resumed in Doha, Qatar.
A Hamas official confirmed these talks. The discussions aim to establish a permanent ceasefire and secure the withdrawal of Israeli forces from the region.
Market Implications
The oil market remains sensitive to developments in China and the Middle East. China's economic health directly impacts global oil demand. Any signs of economic improvement or increased stimulus measures tend to boost oil prices.
The ongoing conflict in Gaza continues to affect market sentiment. A potential ceasefire could ease geopolitical tensions and impact oil supply concerns in the region.
Investors will likely continue monitoring these situations closely. Both factors have the potential to significantly influence oil price movements in the coming weeks.
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