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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
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Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
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Markets 3 MIN READ

Oil prices settle more than 3% higher after China rate cut

June 13, 2023By Reuters
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NEW YORK, June 13 (Reuters) – Oil prices climbed over 3% on Tuesday on hopes for growing fuel demand after China’s central bank lowered a short-term lending rate for the first time in 10 months, boosting crude prices after steep losses the previous session.

The rate cut is aimed at adding momentum to a hesitant post-pandemic recovery in the world’s second-largest economy and biggest crude importer.

Brent crude futures settled up USD 2.45, or 3.4%, to USD 74.29 a barrel. US West Texas Intermediate (WTI) crude gained USD 2.30, or 3.4%, at USD 69.42 a barrel.

On Monday, crude prices fell by about 4%, in part because of concerns about the Chinese economy after disappointing economic data last week.

“The market is showing a rebound from yesterday,” Phil Flynn, an analyst at Price Futures group, said. “It was overdone with doom and gloom on Monday.”

Equities, which often trade in tandem with oil, also rose on Tuesday.

Brent’s six-month backwardation, a market structure whereby shorter-dated futures trade above longer-dated ones, fell to its lowest since March at around USD 1.10, indicating faltering confidence that demand will exceed supply over the year.

“For market participants to start building up long positions again, they likely need to see larger inventory declines,” said UBS strategist Giovanni Staunovo, adding he expected this to happen within weeks.

A rise in global supplies is weighing on the market, along with concerns about demand growth, ahead of a US Federal Reserve policy meeting concluding on Wednesday.

Most market participants expect the Fed to leave interest rates unchanged, especially after data showed US consumer prices barely rose in May.

The Fed’s rate hikes have strengthened the dollar, making oil more expensive for holders of other currencies.

The European Central Bank is expected to hike interest rates on Thursday.

Worries about demand have unraveled the temporary boost in oil prices from Saudi Arabia’s pledge announced early this month to cut more production in July.

The Organization of Petroleum Exporting Countries (OPEC) kept its forecast for 2023 global oil demand growth steady for a fourth month on Tuesday, slightly increasing expectations of Chinese demand growth.

Another monthly report by the International Energy Agency (IEA) due on Wednesday will provide further trading cues.

US crude oil rose by about 1 million barrels in the week ended June 9, according to market sources citing American Petroleum Institute figures on Tuesday, contrary to the average estimate for a 1.3-million-barrel decline according to five analysts polled by Reuters.

Government data on stockpiles is due on Wednesday.

(Reporting by Stephanie Kelly in New York; Additional reporting by Shadia Nasralla in London, Yuka Obayashi in Tokyo, and Emily Chow in Singapore; Editing by Conor Humphries, Kirsten Donovan, Barbara Lewis, Sharon Singleton, and David Gregorio)

 

This article originally appeared on reuters.com

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