An early sign of a return to increased Chinese oil demand: China’s export growth in January and February rose by 7.1% compared to the same time last year, contrary to experts’ expectations of export growth of 1.9%.

Content

Oil prices in light of the extension of OPEC+ production cuts

An early sign of a return to increased Chinese oil demand

Intel is poised to receive a big financial boost for chip manufacturing

Oil prices in light of the

extension of OPEC+ production cuts

Yesterday, Wednesday, Brent crude oil witnessed an increase of 1.1%, as it settled at the time near the highest price since November.
This comes in light of the increase in demand for gasoline in the United States
and in a signal from refineries on the American Gulf Coast to begin working strongly during the coming period.

On the other hand, oil is witnessing pressure due to strong supply and weak demand from the second-largest global economy,
represented by China.
On the other hand, geopolitical pressures and high shipping costs remain
as a result of many companies changing the movement of ships from the Red Sea waterway as a result of the Houthi attacks,
which began at the end of last year.

An early sign of a return to increased Chinese oil demand

The growth of China’s exports in US dollars and the violation of economists’ expectations is
an indication of the possibility that it will be an opportunity for a return to demand for oil from the Chinese side,
which represents the second-largest global economy.

On Thursday morning, official data showed that China’s exports for January and February grew by 7.1% compared to the same time last year.
This comes while economists’ expectations expected growth of only 1.9%. Such a positive reading may indicate the beginning of the Chinese economy’s exit from.
It will decline, and in return, Chinese oil demand may rise.

Intel is poised to receive a big financial boost for chip manufacturing

The US government is preparing to invest US$3.5 billion in Intel to manufacture semiconductors and chips for the US military, US congressional aides said,

This comes in line with the law that the US House of Representatives approved yesterday
for a rapid spending bill that was transferred to the Senate for approval.
This would enhance Intel’s role as a leader in the defence market.

It was also reported that Intel could receive a total incentive package from the Chip Law that represents 10 billion US dollars, including grants and loans.
The company refused to comment on the investment package, which represents 3.5 billion US dollars.

An early sign of a return to increased Chinese oil demand

An early sign of a return to increased Chinese oil demand

Related Topics