Oil Updates — Prices Set For Weekly Gain On China Stimulus Optimism

RIYADH: Oil prices were little changed on Friday but were set for a weekly rise amid optimism that economic stimulus efforts will prompt a recovery in China, but a stronger dollar capped gains, according to Reuters.
Brent crude futures fell 2 cents to $73.24 a barrel by 08:35 a.m. Saudi time. US West Texas Intermediate crude was at $69.61, down 1 cent, from Thursday’s close. However, on a weekly basis, Brent was up 0.4 percent and WTI rose 0.2 percent.
The World Bank on Thursday raised its forecast for China’s economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.
China, the world’s biggest oil importer, revised upwards its 2023 gross domestic product estimate by 2.7 percent, but also said the change would have little impact on growth this year.
Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported this week citing sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.
However, a stronger US dollar weighed on oil prices and capped gains. The greenback has risen about 7 percent this quarter and remained pinned at a near two-year peak against major peers after the Federal Reserve signaled slower rate cuts in 2025.
A stronger dollar makes oil more expensive for holders of other currencies.
The latest weekly report on US inventories from the American Petroleum Institute industry group showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday. API/S
Traders will be waiting to see if the official inventory report from the US Energy Information Administration confirms the decline. The EIA data is due at 9 p.m. Saudi time on Friday, later than normal because of the Christmas holiday.
Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.
Pakistan, Saudi Arabia Sign Agreement To Boost Cooperation In Public Sector Auditing
ISLAMABAD: Pakistan and Saudi Arabia have signed a Memorandum of Understanding to increase collaboration in public secto... Read more
Closing Bell: Saudi Indices Close In Red At 12,377
RIYADH: Saudi Arabia’s Tadawul All Share Index dropped on Monday, losing 32.84 points, or 0.26 percent, to close at 12... Read more
OPEC+ Reaffirms Commitment To Production Cuts
RIYADH: OPEC+ members reaffirmed their commitment to production cuts aimed at maintaining stability in the global oil ma... Read more
Oil Updates — Prices Gain As Trump Tariffs Stoke Supply Worries
LONDON: Oil prices rose on Monday after US President Donald Trump imposed tariffs on Canada, Mexico and China, raising f... Read more
Banking, Healthcare To Drive 8% Growth In Saudi Stock Market Profits In 2025: SNB Capital
RIYADH: Saudi stock market profits are set to grow by 8 percent in 2025, with the petrochemical sector driving the incre... Read more
Saudi CMA, Insurance Authority Forge Partnership To Strengthen Sector Oversight
RIYADH: Saudi Arabia’s insurance sector is set to see improved supervision and enhanced growth prospects following a n... Read more