Jakarta, CNBC Indonesia – World oil prices moved up in trading this morning. Developments in China became a catalyst for the price of the black gold to rise.
On Friday (1/10/2021) at 07:51 WIB, the price of Brent oil was at US$ 78.68/barrel. Up 0.2% compared to the previous day’s closing position.
While the light sweet type costs US $ 75.44/barrel. An increase of 0.55%.
News from China brings fresh air to oil prices. Li Keqiang, the Prime Minister of China, said the government will continue to maintain energy availability to keep the ‘wheel’ of the economy spinning.
China is currently experiencing an energy crisis. Power outages are becoming more frequent due to the lack of supply of primary energy sources to various power plants.
Therefore, market participants interpret Li’s statement that China is ready to pay any price for primary energy sources. This of course includes oil.
“If China is willing to pay any price to get energy, it means that demand will increase. Although at the same time this could also make the energy crisis in Europe worse because everyone wants to sell to China,” said Edward Moya, Senior Market Analyst at China. OANDA, as quoted by Reuters.
CNBC INDONESIA RESEARCH TEAM
(aji / aji)
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