- Oil prices rose Monday morning (7:45 AM CT), with WTI up 83c at $68.01/Bbl
- Oil prices rose after China indicated plans to boost domestic consumption.
- China’s State Council introduced a “special action plan” to stimulate consumption, which includes measures such as raising residents' income and launching a childcare subsidy scheme
- The Chinese government aims for the consumer-focused stimulus to combat deflationary pressures, reduce reliance on exports and investment for growth, and address weak external demand
- Economic data from China also supported the price increase: retail sales growth accelerated over January-February, signaling positive momentum for policymakers focused on boosting domestic consumption (Reuters)
- US attacks on Yemen’s Houthis served as a reminder of the geopolitical risk premium that had largely dissipated from the market
- These attacks disrupted shipping and increased freight rates for vessels traveling between Asia and Europe
- Goldman Sachs downgraded its oil price forecast (Bloomberg)
- The bank lowered its December 2025 forecast for Brent to $71/Bbl, citing medium-term risks, including the potential for tariff escalations and OPEC+ production hikes
- Goldman expects oil prices to recover “modestly” in the coming months, with Brent trading in a range of $65 to $80/Bbl and averaging $68/Bbl next year
- Oil prices rose after China indicated plans to boost domestic consumption.
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