• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, October 27, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Oil Prices Climb on Improving Global Demand Indicators

Prince Agyapongby Prince Agyapong
May 17, 2024
Reading Time: 3 mins read
why invest oil gas

Oil markets experienced a positive shift, with both Brent and West Texas Intermediate (WTI) crude oil prices showing gains, setting the stage for their first weekly increase in three weeks.

This uptick was driven by strengthening economic indicators from key consumer nations like China and the United States, signaling a potential rebound in global demand for oil. Brent crude oil prices climbed 39 cents, or 0.47%, to $83.66 a barrel by 0603 GMT. Simultaneously, US West Texas Intermediate (WTI) crude futures rose 22 cents, or 0.28%, to $79.45 a barrel. For the week, Brent futures are poised to rise about 1%, while WTI futures are set to gain 1.5%.

“WTI crude oil prices seem to have found a near-term floor/support at around US$78.40/barrel after a 9%+ decline from 26 April in the past week due to several encouraging factors such as two consecutive weeks of decline in U.S. crude oil stockpile and more upcoming ‘piecemeal’ stimulus measures from China.”

Kelvin Wong, OANDA Senior Market Analyst

China’s industrial output growth surged to 6.7% year-on-year in April as recovery in its manufacturing sector gathered pace. This has fueled optimism about potentially stronger future demand for oil, given China’s status as a major global energy consumer.

RelatedPosts

GNPC Reports 10% Surge in Gas Production in 2024

GNPC Reports Higher Oil Profits Despite Lower Liftings in 2024

“From GaoGao to No.1” – StarOil CEO touts Company’s progress

The uptick in industrial activity suggests a robust revival of China’s economic engine, which is crucial for the oil market since increased industrial output typically leads to higher energy consumption.

In addition to China’s positive data, declines in oil and refined products inventories at major global trading hubs have also bolstered market sentiment. The reversal of the prior trend of rising stockpiles, which had weighed heavily on crude oil prices in recent weeks, has created optimism about oil demand growth.

Further supporting the bullish sentiment were recent economic indicators from the United States. U.S. consumer prices rose less than expected in April, according to data released on Wednesday. This has boosted expectations of lower interest rates in the country, which could further stimulate economic activity and, by extension, oil demand.

ADVERTISEMENT
Crude Oil

The combination of these factors has had a palpable impact on the oil markets, signaling a potential stabilization after a period of volatility. Market analysts are closely watching these developments, as sustained improvements in demand indicators from major economies could provide a more solid foundation for oil prices moving forward.

The positive shift in economic data from both China and the U.S. highlights the interconnected nature of global oil markets. As these key economies show signs of strengthening, the ripple effects are being felt across the oil industry, pointing to a potentially more balanced market in the weeks ahead.

Energy producers and consumers are affected by the recent price hikes as well as the general prognosis for oil consumption. Increased income from higher oil prices could have an impact on capital expenditure plans and investment decisions made by energy businesses.

Although rising oil prices may result in increased fuel expenses for them, present economic data indicates that these hikes may be counteracted by other economic variables, such as lowered US interest rates, which may encourage consumer spending and lessen inflationary pressures.

While the recent gains in oil prices are modest, they mark a significant turnaround driven by improving global economic conditions. The market’s response to the encouraging data underscores the importance of continued monitoring of economic indicators from major oil-consuming countries, which will play a crucial role in shaping the future trajectory of oil prices.

READ ALSO: SALL Debacle: EC Urged to Take Responsibility over Administrative Lapse

Tags: Crude Oilfuelinterest rateOIL MARKEToil prices
Share1Tweet1ShareSendSend
Please login to join discussion
Previous Post

Legal Practitioner Rejects Amidu’s Call for Agyabeng’s Removal

Next Post

Nollywood Actor, Junior Pope, Laid To Rest

Related Posts

Ghana’s oil and gas industry
Extractives/Energy

GNPC Reports 10% Surge in Gas Production in 2024

October 27, 2025
IMG 20251027 150420 178
Extractives/Energy

GNPC Reports Higher Oil Profits Despite Lower Liftings in 2024

October 27, 2025
StarOil
Extractives/Energy

“From GaoGao to No.1” – StarOil CEO touts Company’s progress

October 27, 2025
Ghana Gold Board
Extractives/Energy

GoldBod Formalizes ASM to Boost Gold Production

October 27, 2025
Oil Prices
Extractives/Energy

Oil Prices Fall as U.S.–China Trade Talks Ease Market Fears

October 27, 2025
Dangote Petroleum Refinery
Extractives/Energy

Dangote to Expand Lagos Refinery, Eyes $5bn Afreximbank Financing

October 27, 2025
CETAG Threatens Nationwide Strike Over Unpaid Allowances
General News

CETAG Threatens Nationwide Strike Over Unpaid Allowances

by Silas Kafui AssemOctober 27, 2025
ADB Delivers GH¢447m Pre-Tax Profit in Stunning Turnaround in Q3
Banking

ADB Delivers GH¢447m Pre-Tax Profit in Stunning Turnaround in Q3

by M.COctober 27, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
Europe

Putin Meets With North Korea’s Foreign Minister

by Comfort AmpomaaOctober 27, 2025
Hon. Ato Forson proposed Nov. 13 for 2026 budget reading.
Economy

Finance Minister Proposes November 13 to Present 2026 Budget

by Michael Teye-Bio NaduteyOctober 27, 2025
Prof Ahmed Abdulai Jinapor, Director-General GTEC
General News

GTEC Halts Proposed Fee Increments at Public Colleges of Education

by Evans Junior OwuOctober 27, 2025
President John Dramani Mahama
General News

Calls Mount on President Mahama to Appoint Substantive Defence Minister

by Silas Kafui AssemOctober 27, 2025
CETAG Threatens Nationwide Strike Over Unpaid Allowances
ADB Delivers GH¢447m Pre-Tax Profit in Stunning Turnaround in Q3
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
Hon. Ato Forson proposed Nov. 13 for 2026 budget reading.
Prof Ahmed Abdulai Jinapor, Director-General GTEC
President John Dramani Mahama

Recent News

CETAG Threatens Nationwide Strike Over Unpaid Allowances

CETAG Threatens Nationwide Strike Over Unpaid Allowances

October 27, 2025
ADB Delivers GH¢447m Pre-Tax Profit in Stunning Turnaround in Q3

ADB Delivers GH¢447m Pre-Tax Profit in Stunning Turnaround in Q3

October 27, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation

Putin Meets With North Korea’s Foreign Minister

October 27, 2025
Hon. Ato Forson proposed Nov. 13 for 2026 budget reading.

Finance Minister Proposes November 13 to Present 2026 Budget

October 27, 2025
Prof Ahmed Abdulai Jinapor, Director-General GTEC

GTEC Halts Proposed Fee Increments at Public Colleges of Education

October 27, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address