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AMERICAS OIL: WTI crude is up, heading for another weekly gain

AMERICAS OIL

WTI crude is up, heading for another weekly gain ahead of Donald Trump’s inauguration Monday as US sanctions impact global supply, redirecting flows and increasing shipping rates. Potential US interest rate cuts this year could boost demand though uncertainty remains around Chinese oil demand growth.

     Chinese economic data out Friday showed higher-than-expected economic growth for Q4, but oil refinery throughput fell 1.6% in 2024 amid soft demand and weak margins. China’s apparent oil demand fell 2.2% to 13.93mbpd in Dec, Bloomberg showed. 

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WTI crude is up, heading for another weekly gain ahead of Donald Trump’s inauguration Monday as US sanctions impact global supply, redirecting flows and increasing shipping rates. Potential US interest rate cuts this year could boost demand though uncertainty remains around Chinese oil demand growth.

     Chinese economic data out Friday showed higher-than-expected economic growth for Q4, but oil refinery throughput fell 1.6% in 2024 amid soft demand and weak margins. China’s apparent oil demand fell 2.2% to 13.93mbpd in Dec, Bloomberg showed. 

Keep reading...Show less