During the early Asian trading session, ICE Brent crude oil futures prices rose, influenced by positive economic data from China.

As of 12:00 Beijing time, the price of the ICE Brent crude oil February contract is $72.19 per barrel, up 35 cents from the settlement price on November 29, which had fallen 94 cents compared to the previous trading day.

The price of WTI crude oil for the January contract is $68.34 per barrel. There was no settlement from November 28 to 29.

According to data released by the National Bureau of Statistics of China on November 30, China's official manufacturing Purchasing Managers' Index (PMI) rose to 50.3 in November, up from 50.1 in October, supported by government economic measures.

Meanwhile, OPEC+ members seem prepared to postpone their plans to increase oil production starting in January at the ministerial meeting on December 5. The specific duration of any delay is still unclear, but this would be the group's third postponement of the production increase.

Meanwhile, Saudi Arabia approved a fiscal year budget starting January 1 during the week of November 29, with a projected deficit of 101 billion riyals (approximately $26.9 billion). However, if Riyadh and the other seven OPEC+ countries decide to postpone the gradual restoration of daily oil supply by 220,000 barrels as expected this week, it may indicate continued pressure on oil prices, and the deficit could further widen, especially considering the ambitious spending plans.

Russia may struggle this year to replace its produced oil and condensate reserves, despite an expected increase in gas reserves that is projected to exceed production in 2024. According to data from the state news agency TASS citing the Ministry of Natural Resources, Russia has added only 286 million tons (about 2.1 billion barrels) of new oil reserves through exploration in the first ten months of this year. This increase in liquids is slightly above Deputy Prime Minister Alexander Novak's forecast of 515 million to 521 million tons for Russian oil and condensate production in 2024.

The dollar index, which measures the dollar against a basket of other currencies, fell on November 29. A weaker dollar may support oil demand as it lowers costs for holders of foreign currencies.

(The above content comes from the latest views of independent international energy and commodity price assessment agency Argus.)

Article forwarded from: Jin Ten Data