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Raw material: oil holds up

15/07/2024
Source : ORISHAS-FINANCE
Categories: Raw materials

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Tandis que la downward pressure from a stronger US dollar and concerns about demand from the main importer, China, offset support. driven by strong demand elsewhere and the OPEC+ supply restriction, oil held strong on Monday.

Brent crude oil futures were up 8 cents, or 0.1%, to $85.11 per barrel at 10:00am GMT. American West Texas Intermediate crude gained 19 cents, or 0.2%, to $82.40. According to Giovanni Staunovo, an analyst at UBS, “Chinese data, especially refinery volumes and crude imports, are not encouraging

.”

Crude oil fell last week after four weeks of increases as hopes of strong American demand this summer were thwarted by concerns about Chinese demand. Chinese data released on Monday reinforced these concerns

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