The Chinese Central Bank maintained interest rates constant on Monday for the second consecutive month, signalling that it will keep its accommodative monetary policy in place.
Price changes
As of 09:15 GMT, Brent crude futures were up 17 cents, or 0.2%, to $91.00 a barrel after falling 6.4% the previous week.
After falling by 7.6% last week, US West Texas crude registered $85 67 per barrel this week, up 6 cents or 0.1%.
According to Tina Ting, an analyst at CMC Markets, the price of oil was supported by a number of factors, including the remarks made by Chinese President Xi Jinping at the party conference, which reaffirmed the economy’s pro-growth policies and raised hopes.
She continued by pointing out that the US dollar index’s future expectations have decreased, which has given the oil markets a chance to rebound.
Oil becomes more affordable for other currencies as a result of the dollar’s depreciation.
This week, China is anticipated to release economic and commercial data.
Although the third quarter GDP growth in China may increase compared to the second quarter, Shi’s rigorous Kovid-19 policy has caused the country to experience what is likely to be its poorest annual performance in nearly fifty years.
This comes as the strong dollar and the continuation of the US Federalism are to raise interest rates from oil prices.
On October 5th, OPEC+ decided to cut production by two million barrels per day beginning in November. However, several members actually produce less than the goal level, so the actual reduction will be closer to one million barrels per day.
oil prices remain stable, and China’s concerns of a recession are waning
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