Market Outlook: Oil Prices Attempt to Sustain Yesterday's Upward Movement

Forex - Oil prices continued to rise today, supported by positive signs regarding US fuel demand and improvements in China, the largest crude oil importer.

Brent crude futures on ICE traded up 0.05% at $72.60 per barrel, while West Texas Intermediate (WTI) on NYMEX rose 0.21% to $68.83.

Recent PMI data from China indicate that manufacturing activities expanded for the first time in six months in October.

Analysts at ING stated, “We will need to see whether the potential impact of the stimulus measures can lead to a recovery in domestic demand to balance a potentially softer external demand picture.”

Oil prices are also receiving support from international media reports suggesting that OPEC+ may delay the planned production increase due to concerns over soft oil demand and rising supply. OPEC+ is scheduled to meet on December 1 to discuss its next policy steps.