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Oil prices rise slightly during Tuesday's trading at settlement
Oil prices witnessed a slight rise during trading on Tuesday, November 12, at settlement, as they moved in a narrow range during trading near the lowest level in two weeks.
This came after oil prices fell 5% in the last two sessions as investors assessed the OPEC of the Petroleum Exporting Countries' lowering of its forecast for demand for crude oil, in addition to the market's disappointment with China's latest plan to stimulate its economy.
Brent crude futures rose six cents, or 0.08%, to reach $71.89 a barrel at settlement.
US crude futures rose eight cents, or 0.12%, to record at settlement $68.12 a barrel, according to Reuters.
The two crudes reached their lowest levels at settlement since October 29 during trading on Monday, November 11.
The slight rise comes after OPEC cut its forecast for global oil demand growth in 2024 and 2025, the fourth straight downward revision by the group.
Earlier in the week, inflation data from China, the world’s largest importer of crude oil, showed consumer prices rose at their slowest pace in four months in October, while producer price deflation picked up.
China announced a 10 trillion yuan ($1.40 trillion) credit package on Friday to ease pressure on provincial finances as the country faces fresh pressures after Donald Trump’s re-election. But analysts say the package falls short of the stimulus needed to boost China’s economy.
