Oil drifts lower as China reforms underwhelm despite OPEC+ support
Oil slipped for a second day on Tuesday as concern over China’s plan for growth and uncertainty over the pace of U.S. interest rate cuts offset the prospect of a tighter market due to continued OPEC+ supply restraint.
Brent crude was down 46 cents, or roughly 0.6%, to $82.34 a barrel at 1423 GMT, while U.S. West Texas Intermediate (WTI) was down 44 cents, also about 0.6%, to $78.3. Both benchmarks fell by more than $1 a barrel earlier in the session.
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China, the world’s biggest oil consumer, set an economic growth target for 2024 of around 5%, similar to last year’s goal and in line with analysts’ expectations, but the lack of big ticket stimulus plans to prop up its struggling economy disappointed investors.
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RBI declares holiday for money markets on Jan 22
The Reserve Bank of India has declared holiday for money markets on Jan 22.
“There will be no transactions and settlements in government securities (primary and secondary), foreign exchange, money markets and Rupee Interest Rate Derivatives on January 22, 2024 (Monday). Settlement of all outstanding transactions will accordingly get postponed to the next working day i.e., January 23, 2024 (Tuesday),” according to a press release by the Reserve Bank of India.
“The 3-day Variable Rate Repo (VRR) auction conducted today with date of reversal on January 22, 2024 (Monday) will now be reversed on January 23, 2024 (Tuesday),” the release added.
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