{"id":46930,"date":"2024-10-18T21:11:03","date_gmt":"2024-10-18T21:11:03","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-up-amid-strong-us-retail-sales-data"},"modified":"2024-10-18T21:54:54","modified_gmt":"2024-10-18T21:54:54","slug":"oil-prices-up-amid-strong-us-retail-sales-data","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-up-amid-strong-us-retail-sales-data","title":{"rendered":"Oil prices up amid strong US retail sales data"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil prices rose on Friday as investors anticipated a surge in demand from the world’s top oil consumer, fueled by Thursday\u2019s strong US retail sales figures.<\/p>\n

The international oil benchmark of Brent crude climbed 0.03% to $74.19 per barrel at 11.23 am local time (0823GMT), down from the previous session’s close of $74.17.<\/p>\n

US benchmark West Texas Intermediate also rose by 0.8% to $69.60 per barrel, compared to $70.18 at the prior session’s close.<\/p>\n

US retail sales climbed 0.4% in September from the previous month, reaching $714.4 billion. Analysts highlighted that the rise in retail sales strengthened the belief that the economy maintained its growth momentum during the third quarter.<\/p>\n

Additionally, initial jobless claims in the US dropped to 241,000 in the week ending Oct. 12, coming in below market expectations and signaling a cooling in the labor market since its post-pandemic peak.<\/p>\n

Meanwhile, the US Federal Reserve is expected to reduce its policy rate by 25 basis points next month, with a total reduction of 50 basis points expected across the two remaining meetings before the end of the year.<\/p>\n

Moreover, the Chinese government’s recent announcement of incremental measures to revitalize its struggling real estate sector, which has been on a downward trajectory for the past three years, also supported oil prices.<\/p>\n

On Thursday, Housing and Urban-Rural Development Minister Ni Hong announced plans to expand a “white list” of housing projects eligible for financing and to boost bank lending for these developments to $562 billion by year-end.<\/p>\n

Measures by China, the world’s largest oil importer, to boost its real estate sector could alleviate concerns about oil demand and support prices.<\/p>\n

For More News And Analysis About Mauritius Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Oil prices rose on Friday as investors anticipated a surge in demand from the world’s top oil consumer, fueled by Thursday\u2019s strong US retail sales figures. 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