The price of West Texas Intermediate crude oil rose over 1% at the Asian market's opening, driven by strong manufacturing data from China, indicating the highest growth in three months. This positive trend signals increased demand for crude oil, as China's role as a major consumer strengthens investor confidence. However, potential new tariffs by the U.S. could create uncertainty in global trade and affect oil demand. Additionally, European leaders' support for Ukraine in a recent summit could also impact global energy dynamics, despite ongoing market volatility and geopolitical risks.
The expansion of China's manufacturing sector suggests a greater need for raw materials, including crude oil, fueling expectations of higher consumption and boosting investor confidence.
Market sentiment received a positive boost from the recent summit of European leaders, reaffirming support for Ukraine amid conflict, which may influence global energy market dynamics.
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