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Chinese Oil Demand Remains Resilient - Barclays
Express News | US Energy Secretary: The increase in demand will push up oil prices, and President Trump does not intend to establish tariff exemptions for the NENGYUANHANGYE; the US hopes to rapidly increase Copper production.
OPEC: Global economy in the second half of the year may be better than expected, providing support for oil demand.
On Tuesday local time (July 15), OPEC (Organization of the Petroleum Exporting Countries) stated in its monthly report that despite the uncertainties faced by the global economy, such as trade conflicts, the economy may perform better than expected in the second half of this year. Additionally, driven by the increase in summer tourism activities, the Crude Oil Product processing volume at refineries is expected to remain high, which will help support the outlook for oil demand.
HK Stocks Update | Some oil and gas stocks are trading higher in the morning session. PETRO-KING (02178) is up over 20%, and MIE HOLDINGS (01555) is up over 16%.
Some oil and gas stocks showed strength in early trading. As of the time of writing, PETRO-KING (02178) rose 20.31%, trading at HKD 0.077; MIE HOLDINGS (01555) increased by 16.22%, trading at HKD 0.043; and JX ENERGY (03395) gained 10.59%, trading at HKD 0.47.
OPEC+ and Trump are in a game of strategy, and oil prices may reach this number in the future.
On July 8, the Industrial Bank's cross-asset research released a report titled "CSI Commodity Equity Index Analysis: The Flow and Weakness of Oil, OPEC Expansion, and the Retreat of U.S. Shale," maintaining a bearish outlook on the Crude Oil Product market and persisting with the forecast.
Opec's production increase exceeded expectations; why did oil prices rise instead of fall.
The Opec+ decision to unexpectedly increase production not only failed to lower oil prices but also initiated a new round of intensified competition for global Crude Oil Product market share.