Crude Oil Surged After IMF Raised Its Global Economic Growth Prediction For 2024…
Crude oil exhibited strength, settling up by 1.23% at 6478, following the International Monetary Fund’s optimistic growth forecast for the global economy in 2024. However, concerns over demand arose due to the deepening real estate crisis in China, particularly with the liquidation order issued for property giant China Evergrande Group by a Hong Kong court. This development fueled apprehensions about the impact on the world’s largest crude consumer. On the supply side, Iran’s crude oil exports were reported to be in the range of 1.2 million to 1.6 million barrels per day (bpd) throughout most of 2023, representing a significant portion (1-1.5%) of the global oil supply. Meanwhile, the upcoming OPEC+ meeting on Feb. 1 is not expected to bring a decision on the group’s oil policy for April.
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