The Chinese Parliament announced a modest goal of economic growth of around five percent annually at the opening of their annual session. At the same time, a larger budget deficit was foreseen for this year, as well as a slight increase in allocations for the military, the Mina agency reports.
The target growth of the Chinese economy is lower than expected, as well as last year’s, which was around 5.5 percent.
Last week, the price of a barrel on the London market rose by 3.2 percent to $85.83. Meanwhile, in the US, it ascended 4.4 percent to $79.68.
In morning trading, the price of a barrel of Brent oil currently stands at $85.45. At the same time, WTI oil is trading at $79.38, according to the OilPrice website.
Due to the macroeconomic indicators from China being better than anticipated, a price increase occurred. This points towards the renewed acceleration of what is the world’s second-largest economy after a time of sluggishness.
Saudi Aramco increased crude oil prices for customers in Europe and Asia
SeeBiz reports that Saudi Arabia has indicated the anticipated increase in oil demand from Europe and Asia by increasing their prices for crude oil exports to those areas.
Many energy traders and policymakers predict that oil futures will increase over the course of the year, perhaps even reaching up to $100 a barrel as China recovers from the removal of anti-pandemic restrictions. This is despite a slight weakening of oil futures already this year, and this prediction is also due to a slowing of inflation in other major economies.
Saudi Aramco, a company with state control, increased the majority of their official selling prices for the month of April for Asia. Arab Light saw an increase to $2.50 per barrel above the regional standard. This was a 50-cent rise from last month’s prices.
For two months running, Aramco has raised prices for its leading Asian market. This conforms to a Bloomberg study of refiners and traders that predicted a 55-cent surge in price.
