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    Monday, August 17

    China’s Demand Expectation Boosts Crude Oil Prices

    Olu AnisereBy Updated: News No Comments1 Min Read
    China’s Demand Expectation Boosts Crude Oil Prices

    China’s Demand Expectation Boosts Crude Oil Prices

    Crude oil prices increased in the global commodities market on Thursday on China’s positive demand expectation. Brent crude price climbed to $73.25 per barrel while the US benchmark West Texas Intermediate (WTI) also edged higher to $70.1 per barrel.

    Oil markets experience thin trading volumes due to the Christmas holiday. Prices rose with news that Chinese authorities have agreed to issue 3 trillion yuan worth of special treasury bonds next to boost their struggling economy.

    Higher supply and demand expectations for fossil fuels also supported prices as US President-elect Donald Trump will take office in January 2025. Elsewhere, Russia declared a federal emergency over an oil spill caused by two Russian tankers in the Black Sea, the Emergency Ministry said.

    The tankers were hit by a storm on Dec. 15. One split in half and the other ran aground. The resulting spill has coated sandy beaches at and around Anapa, a popular resort, and caused serious problems for wildlife, including seabirds, dolphins, and porpoises.

    More than 10,000 people have been trying to clear it up. # China’s Demand Expectation Boosts Crude Oil Prices Oil Climbs as Concerns over U.S Economic Growth Ease

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    Olu Anisere is a financial and economic journalist at MarketForces Africa, specialising in African macroeconomic policy, international finance, energy markets, and continental development.He covers major multilateral institutions, including the International Monetary Fund (IMF), World Bank, and the United Nations Economic Commission for Africa (ECA), providing readers with frontline reporting on policies shaping Africa's economic trajectory.Olu has reported extensively on Nigeria's fiscal and monetary policy landscape, including CBN interest rate decisions, Nigeria's bond market, FX inflows, and the country's engagement with global financial institutions.His coverage spans IMF and World Bank Spring and Annual Meetings, African Ministers of Finance conferences, and high-level economic forums where Africa's development agenda is set.His reporting captures perspectives from Africa's most influential economic voices, including Tony Elumelu, senior IMF officials, and CBN leadership, bringing institutional insight and policy depth to MarketForces Africa's readers.Olu also covers Inside Africa — tracking economic, investment, and development stories from across the continent. Olu Anisere is based in Lagos, Nigeria.

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