November 10, 2024 8:58 PM.
Global crude oil prices rose nearly 3 per cent last week as the market settled in after the US election results and speculations about stimulus efforts from the world’s No. 1 importer China. Brent crude oil futures ended the week at 73.87 dollars per barrel on Friday, while US crude settled at 70.35 per barrel.
Meanwhile, top oil importer China’s latest round of fiscal support disappointed oil investors. Chinese authorities announced a package easing debt-repayment strains for local governments, but those measures failed to enthuse.
A Donald Trump presidency may be net bearish for crude prices on higher domestic production and tariffs that will weigh on the Chinese economy, the president-elect is also expected to clamp down on Iranian oil exports.
Oil has been on a downward trend since April on tepid Chinese demand and a surge in supply from outside of the OPEC+ alliance, although the prospect of a ratcheting up in hostilities in the Middle East is keeping the market on edge.
There are widespread expectations of a glut next year, but there’s still a lot of uncertainty that could tighten balances