• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 5 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 6 hours Indonesia Stands Up to China. Will Japan Help?
  • 5 hours Beijing Must Face Reality That Taiwan is Independent
  • 7 hours Gravity is a scam!
  • 24 hours What's the Endgame Here?
  • 4 hours US Shale: Technology
  • 2 days 10 Rockets hit US Air Base in Iraq
  • 1 day Canada / Iran
  • 2 days Wind Turbine Blades Not Recyclable
  • 2 days Tales From The Smoke Shack and beyond.
  • 20 mins Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 2 days IRAQ / USA
Alt Text

Oil Tanks As Trump Claims Iran Is Standing Down

Oil prices fell on Wednesday…

Alt Text

Oil Will Stay Above $50 Per Barrel In 2020

Energy markets have started the…

Alt Text

Oil Ends 2019 On A Bullish Note

Crude oil prices are about…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Rises After Choppy Start To The Week

Oil prices rose by roughly 2 percent early on Tuesday, recovering from Monday’s loss which came after China reported weak trade data, signaling that its economic growth could be slowing down.

At 10:39a.m. EDT on Tuesday, WTI Crude was up 2.34 percent at $51.69, while Brent Crude traded up 1.78 percent at $60.04.

After a good start to the year earlier this month, oil prices dipped 2 percent on Monday, after weak Chinese economic data had investors, traders, and analysts worried again about an economic slowdown that could weigh on fuel and crude oil demand growth.

On Tuesday, China’s National Development and Reform Commission dispelled some fears about the economy, at least for the day, signaling that it could introduce more fiscal stimulus into the Chinese economy.

According to Vanda Insights, Tuesday’s rise in oil prices was supported by signs that OPEC and allies believe in rebalancing the oil market.  

“Crude futures were stronger early Tuesday in Asia, amid comments from the Saudi energy minister at an industry conference in Abu Dhabi expressing confidence in oil demand growth and the ability of the OPEC/non-OPEC cuts to rebalance the market,” Vanda Insights says.

Another driver for higher oil prices early on Tuesday came from comments from the U.S. Administration over the weekend that the U.S. has no intention of granting any further sanction waivers to Iran’s crude oil buyers.

Major stock markets across Asia opened higher on Tuesday, which also contributed to the positive sentiment on crude oil, according to Vanda Insights. 

Analysts, however, warn that the oil price recovery could be short-lived and could falter amid renewed worries about the pace of global economic and oil demand growth.

“Any price rally is unlikely to be sustainable in the first half of the year simply because the demand for OPEC’s oil is expected to be lower than the projected output from the organization,” PVM Oil Associates strategist Tamas Varga told Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News