Home/Commodities/Newsfeed

Oil Rises On Ukraine Despite Chinese Weak Data

Share Print 0

The price of oil climbed above $100 a barrel Monday as escalating tensions in Ukraine outweighed a fourth month of contraction in China’s manufacturing.

Benchmark U.S. crude for June delivery was up 34 cents to $100.10 a barrel at 0725 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 34 cents to settle at $99.76 on Friday.

Brent crude, a benchmark for international varieties of oil, gained 11 cents to $108.70 on the ICE exchange in London.

Violence flared in Ukraine on Sunday as a mob of protesters outraged by the deaths of pro-Russian activists stormed police headquarters in the Black Sea port city of Odessa, smashing doors, windows and security cameras before police freed dozens of their jailed allies.

Concerns are mounting that if the conflict spirals further it could force the U.S. and Europe to strengthen sanctions against Russia, which Ukraine accuses of fomenting unrest in its Russian-speaking eastern regions. Russia is a major supplier of natural gas and oil to Europe.

China’s factory activity contracted again last month, according to HSBC’s purchasing manager index, and the pace of the decline was more severe than a preliminary version of the report indicated. The PMI results underscore the continuing slowdown in the world’s second biggest economy, which could mean lower energy demand.

via Mainichi

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

Back to Top