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China's Economic Recovery Signals

China’s Economic Recovery Signals. Oil prices increased slightly following a strong increase in the first quarter of 2024. This happened because there were recent signs of recovery in China, thus supporting the demand outlook.

The price of West Texas Intermediate (WTI) oil for the May 2024 contract rose 0.35% or 0.29 points to US$83.46 per barrel. Meanwhile, the price of Brent oil for the June 2024 contract also rose 0.33% or -0.29 points to US$87.29 per barrel.

China’s industrial activity picked up in March 2024, bringing a five-month decline to a halt. This then raises hopes that consumption in the largest crude oil importing country may improve.

Crude oil prices have also strengthened in 2024. This strengthening occurred because OPEC+ cut supply to support higher prices, and the impact of increased cash flows from outside the cartel.

Then, OPEC is also expected to confirm its current production policy at an online review meeting scheduled for Wednesday (3/4). The increase in oil prices also occurred due to Ukraine’s attack on Russia’s energy infrastructure, and increasing tensions in the Middle East.

Next, Goldman Sachs in a note, said that stronger oil demand in Europe also helped prices. He added that weakening US supply growth and an extension of OPEC+ production cuts until 2024 were also bullish.

Last month, Goldman also said that commodities would strengthen in 2024, because the central bank cut interest rates, helping industrial and consumer demand. China’s Economic Recovery Signals.

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