# Oil rises from six-week low with Chinese demand, OPEC+ in focus - Moneyweb

> Oil rose from near a six-week low as positive Chinese industrial profit data eased demand worries. Traders also watched Israel-Hezbollah tensions and an upcoming OPEC+ monitoring meeting, with Brent near $82 a barrel.

- Date: 2024-07-29 · published 2024-07-29T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/29443-oil-rises-from-six-week-low-with-chinese-demand-opec-in-focus-moneyweb
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Stronger Chinese data supports crude demand, while OPEC+ output decisions could shift supply and energy costs. Both factors feed into diesel and biofuel pricing relevant to feed margins.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-10-28 | [South African rand softens as oil prices rise, Fed in focus \| CNBC Africa](https://feedsoft.ai/events/17333-south-african-rand-softens-as-oil-prices-rise-fed-in-focus-cnbc-africa.md) | -4.7% | — |
| BRENT | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.5% | +5.9% |
| BRENT | 2018-04-11 | [Strong Demand, Not OPEC, Is Pushing Oil Prices Higher \| OilPrice.com](https://feedsoft.ai/events/65723-strong-demand-not-opec-is-pushing-oil-prices-higher-oilprice-com.md) | +1.1% | +5.2% |
| BRENT | 2019-02-18 | [Rupee goes from first to last as oil, Kashmir puncture sentiment - Moneyweb](https://feedsoft.ai/events/60870-rupee-goes-from-first-to-last-as-oil-kashmir-puncture-sentiment-moneyweb.md) | +1.6% | +1.0% |
| BRENT | 2023-12-14 | [U.S. crude oil rises 3% on weaker dollar, slightly improved 2024 demand outlook](https://feedsoft.ai/events/32887-u-s-crude-oil-rises-3-on-weaker-dollar-slightly-improved-2024-demand-outlook.md) | +8.4% | +6.6% |
| WTI | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.6% | +5.8% |
| WTI | 2018-04-11 | [Strong Demand, Not OPEC, Is Pushing Oil Prices Higher \| OilPrice.com](https://feedsoft.ai/events/65723-strong-demand-not-opec-is-pushing-oil-prices-higher-oilprice-com.md) | +1.6% | +5.2% |
| WTI | 2020-06-08 | [Stocks get a boost from US jobs data, oil rises after OPEC+ deal \| Financial Markets \| Al Jazeera](https://feedsoft.ai/events/52791-stocks-get-a-boost-from-us-jobs-data-oil-rises-after-opec-deal-financial.md) | -8.3% | +2.6% |

## Sources

- moneyweb.co.za: https://www.moneyweb.co.za/news/markets/oil-rises-from-six-week-low-with-chinese-demand-opec-in-focus/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.