WTI crude oil prices are climbing towards their highest point since October 2024, fueled by anticipated increased heating oil demand due to colder weather in the Northern Hemisphere and China's economic stimulus measures. Goldman Sachs predicts a decline in Iranian oil exports due to stricter sanctions.
WTI price could strengthen as colder weather in the Northern Hemisphere are expected to increase heating oil demand. Oil prices increased as a result of Beijing's economic stimulus measures aimed at revitalizing its struggling economy. Goldman Sachs projects that Iran's exports will decline by Q2 due to stricter sanctions under the incoming Trump administration. West Texas Intermediate ( WTI ) Oil trades around $73.
30 per barrel during the Asian hours on Monday, nearing its highest level since October 2024. Investors are closely monitoring the potential impact of colder weather in the United States (US) and Europe is expected to increase heating oil demand, providing further support to crude oil prices. Additionally, Beijing's economic stimulus efforts are bolstering fuel demand in the world's largest crude importer. In a bid to revive its struggling economy, Beijing is ramping up fiscal stimulus, announcing on Friday that it will significantly boost funding through ultra-long-dated treasury bonds in 2025 to stimulate business investment and initiatives aimed at boosting consumer spending. According to Reuters, the Shanghai Stock Exchange has committed to deepen capital markets opening during a meeting with foreign institutions. China’s economy is underpinned by solid fundamentals and demonstrates resilience amid a complex global environment. On Friday, the Financial Times reported that the People's Bank of China (PBoC) anticipates an interest rate cut at an appropriate time this year. Given their close trade relationship, fluctuations in China’s economy often have a notable impact on Australian markets. Goldman Sachs anticipates that Iran's production and exports will decline by the second quarter due to expected policy shifts and stricter sanctions under the administration of incoming US President Donald Trump. Iran's output could decrease by 300,000 barrels per day, falling to 3.25 million bpd by the second quarter, according to their forecas
OIL PRICES WTI CHINA ECONOMY COLD WEATHER IRAN SANCTIONS
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