Oil prices fall on Monday, despite rising energy demand in China.
The pressure on the market continues to be exerted by the strengthening of the dollar, as well as fears of a recession in the global economy as a result of the rapid tightening of monetary policy by world central banks, Bloomberg notes.
“The high volatility of the oil market will continue as we see both the risks of a recession and the possibility of a supply shortage,” said Zhaojin Futures Co. analyst. Gao Jian.
The cost of December futures for Brent on the London ICE Futures exchange by 8:15 Moscow time on Monday is $92.87 per barrel, which is $0.63 (0.67%) lower than the closing price of the previous session. As a result of trading on Friday, these contracts rose by $1.12 (1.2%) to $93.5 per barrel.
The price of futures for WTI oil for December in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.6 (0.71%) by this time, to $84.45 per barrel. By the close of previous trading, the value of these contracts increased by $0.54 (0.6%) to $85.05 per barrel.
As a result of last week, Brent rose by 2%, WTI – by 0.5%.
Statistical data on the Chinese economy, published on Monday, showed a more significant than expected growth in the country’s GDP in the third quarter. The indicator increased by 3.9% in annual terms after rising by 0.4% in the previous quarter. The consensus forecast of experts polled by Trading Economics called for growth of 3.4%.
The growth rate of Chinese exports in September slowed down to 5.7% from 7.1% in August, while imports grew by 0.3%, the same as a month earlier.
At the same time, China’s oil imports increased to 9.83 million barrels per day, the highest since May, according to Bloomberg calculations based on data from the General Administration of Customs of the People’s Republic of China.
