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This trend was reflected in the increase in the March Brent crude oil contract price by 0.3%, reaching $80.24 per barrel. A similar dynamic was observed with West Texas Intermediate crude, which appreciated by 0.3% to $75.31 per barrel.
Toshitaka Tadzawa, an analyst at Fujitomi Securities, emphasized the role of the decrease in U.S. oil reserves and expectations regarding China's economic upswing as the main factors fuelling oil price growth. He also noted that political instability in the Middle East is encouraging investors to buy oil.
According to the U.S. Energy Information Administration, crude oil inventories decreased by 9.2 million barrels, far exceeding the analysts' forecast of 2.2 million barrels. This decrease was due to a reduction in imports and the closure of refineries due to bad weather, which restricted vehicle movement.
The Chinese economy also impacted the oil market. The People's Bank of China announced a significant reduction in the bank reserve requirement ratio, suggesting an injection of about $140 billion into the economy, potentially a strong boost for economic growth.
An important aspect was the decrease in U.S. domestic oil production. Bob Yager, Director of Energy Futures at Mizuho, notes that production in Bakken was particularly affected, experiencing a significant drop.
Amid Arctic freezes, U.S. oil production fell to a five-month low of just 12.3 million barrels per day. Officials from North Dakota stated that restoring oil production in the state, a key player in shale extraction, might take about a month following severe damage caused by extreme weather conditions.
Thus, events in both the U.S. and China are shaping new trends in the global oil market, demonstrating the interplay of economic strategies and natural phenomena in today's global economy.
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