Markets

Asia to Drive Oil Prices in the Future

Brent crude oil traded at $110.96 at 8:55 GMT on Thursday morning as investors waited for the European Central Bank meeting to come to a close. The commodity has suffered massive losses from its $119 high earlier in the year as global economic data began to paint a troubling picture of future demand for oil.

However, according to the Wall Street Journal , a report published on Wednesday showed that Asian demand will steer oil prices in the future. Just this week, the US Department of Energy stated that China had overtaken the US as the largest importer of oil, supporting the claim that Asian demand will be a key factor for oil prices.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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