Oil prices rose on Tuesday, nearing their highest levels in three weeks due to escalating tensions in the Middle East and a recovery in Chinese demand. Crude oil rose to $78.40 per barrel in the morning.
The Houthi rebels continued their attacks on maritime routes in the Red Sea and the Bab el-Mandeb strait, where at least four other ships have been targeted by drone strikes and missiles since Friday. The Houthis stated that one of these ships, the cargo ship Robimar, flying the flag of Belize and registered in Britain, managed by Lebanon in the Gulf of Aden, is at risk of sinking, increasing the risks in their campaign to disrupt global shipping.
On another note, strong demand indicators in China also boosted morale. Tourism revenues in China increased by 47.3% on a yearly basis, surpassing pre-COVID-19 levels during the National Lunar New Year holiday, which ended on Saturday. China also made a record cut in the benchmark price for property loans on Tuesday, attempting to support the besieged real estate market and economy. However, the supporting factors for prices did not fully compensate for demand concerns.On the other hand The International Energy Agency adjusted down its oil demand growth forecasts for 2024 last week amid expectations that renewable energy will replace fossil fuel usage.
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Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.
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