Oil prices remained stable on Friday, buoyed by reduced risks in the Middle East oil sector and positive economic data from China regarding demand. The price of North Sea Brent crude for December delivery fell slightly by 0.07%, settling at $74.40 per barrel. In contrast, its American counterpart, West Texas Intermediate (WTI), for November delivery experienced a marginal increase of 0.04%, reaching $70.70 per barrel.
Analysts indicate that prices are facing downward pressure due to anticipated declines in global demand for crude oil. However, these bearish factors are mitigated by a faster-than-expected reduction in U.S. crude inventories last week, along with the European Central Bank’s (ECB) decision to lower interest rates on Thursday, which is projected to stimulate demand.
“The market is finding comfort” in the slightly better-than-expected quarterly growth in China, seen as a positive indicator for demand, remarked energy analyst Tamas Varga.
