Brent – Oil on a rip higher in Asia trade

<p>Oil is priced in US dollars, which has been on the rise for weeks, which makes oil's super-strong performance even more impressive.</p><p>Its on the rise again in Asia following a solid performance on Wednesday:</p><p>There is no fresh news catalyst spurring on the rise. The tailwinds for it are well-known:</p><ul><li>OPEC+ supply cuts</li><li>inventories get sucked dry</li><li>Improving demand, especially as China begins to shake off its economic lethargy:</li><li><a href="https://www.forexlive.com/news/nomura-raises-china-gdp-forecast-yes-raise-boa-sees-green-shoot-in-china-profit-data-20230927/" target="_blank" rel="follow" data-article-link="true">Nomura raises China GDP forecast (yes, raise). BoA sees green shoot in China profit data.</a></li></ul><p>The (more than) week-long Chinese holiday coming up has been touted as another leg of the support for demand as travel in the country surges. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.