{"id":12663,"date":"2024-12-09T10:17:50","date_gmt":"2024-12-09T10:17:50","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12663"},"modified":"2024-12-09T10:17:50","modified_gmt":"2024-12-09T10:17:50","slug":"brent-crude-oil-prices-rose-to-72-06-cents","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12663\/","title":{"rendered":"Brent crude oil prices rose to $ 72, 06 cents"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices climbed by more than 1% on Monday as top importer China flagged its first move toward a loosened monetary policy since 2010 aiming to bolster economic growth, state media reported citing a Politburo meeting.<\/p>\n

Brent crude futures were up 94 cents, or 1.32%, to $72.06 per barrel by 0852 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1, or 1.49%, to $68.20.<\/p>\n

“The easing of monetary policy stance in China is likely the driver of the oil price rebounding, supporting risk sentiment,” UBS analyst Giovanni Staunovo said.<\/p>\n

China’s growth has stalled as a collapse in the property market has hit confidence and consumption.<\/p>\n

China’s slowdown was a factor behind oil producers group OPEC+ last week deciding to postpone its plans for higher output until April.<\/div>\n
China will adopt a “moderately loose” monetary policy, according to an official readout from a meeting of top Communist Party officials, a term it last used in 2010 when it looked to support a recovery from the global financial crisis.<\/div>\n

Also supporting crude prices was uncertainty after the fall of Syrian President Bashar al-Assad.<\/p>\n

Syrian rebels announced on state television on Sunday they had ousted Assad, ending a 50-year family dynasty in a lightning offensive that raised fears of a new wave of instability in a region already gripped by war.<\/div>\n

“The development in Syria has added a new layer of political uncertainty in the Middle East, providing some support to the market,” said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting.<\/p>\n

“But Saudi Arabia’s price reductions and OPEC+’s production cut extension last week underscored weak demand from China, indicating the market may soften toward year-end,” he said, noting investors are watching for early signs of any impact on the markets from U.S. President-elect Donald Trump’s expected energy and Middle East policies.<\/p>\n

Separately, top exporter Saudi Aramco on Sunday reduced its January 2025 prices for Asian buyers to their lowest level since early 2021.<\/p>\n

Investors are also bracing for a data-packed week, including a key U.S. inflation report on Wednesday that will provide more clues regarding the Federal Reserve’s plans for interest rates.<\/div>\n
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