Oil Prices Ignite: WTI Surges Past $71 as China Unleashes Economic Stimulus
WTI Oil Prices Surge Over 1% in Response to China’s Economic Stimulus Measures
WTI oil prices have broken through the $71 level, increasing by more than 1% in response to China’s announcement of major economic stimulus measures, which are expected to support demand for oil in the market.
As of 11:22 pm Thai time, the West Texas Intermediate (WTI) crude oil price for delivery in November has added $0.97 or 1.38% to $71.34 per barrel.
The People’s Bank of China has announced the largest economic stimulus package since the start of COVID-19, aiming to free the economy from deflation and cause the economy to expand in line with the government’s set goals.
Geopolitical Tensions and Natural Disasters Impact Oil Prices
Oil prices have also rebounded due to the fighting between Israel and Hezbollah, which could potentially cause Iran to join the war and affect the supply of oil in the market.
Additionally, investors are keeping a close eye on new hurricanes in the Gulf of Mexico, which may impact US oil production. Meanwhile, oil companies have moved workers from oil rigs as a precautionary measure.
By Kongkiat Kawirakiti