18 0 0 1 month ago 4 min to read

Crude prices are rising on hopes for stronger Chinese demand

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Despite the fact that the United States decided to sell oil from its emergency reserves and that the country’s crude oil inventories unexpectedly increased, oil prices gained on Monday as a result of robust demand in China. Nevertheless, further increases were constrained.

At 9:39 a.m. local time (06:39 GMT), the price of international benchmark Brent crude was $83.67 per barrel, up 0.80 percent from the previous trading session’s closing price of $83 per barrel.

American benchmark West Texas Intermediate (WTI) traded at $77.11 per barrel at the same time, up 0.73 percent from the previous session’s closing price of $76.55 per barrel.

Due to growing inflationary sentiments in the US and weak demand estimates as a result of a larger-than-expected rise in US crude oil stocks, oil prices dropped by about 4% last week.

On the other hand, prices rose from last week’s losses in anticipation of increased demand from China, the world’s biggest buyer of oil.

With a growth of 34.8 percent year over year and a recovery of 74.5 percent when compared to the same period in 2019, the nation’s aviation industry has almost fully recovered from the pandemic period.

The US’s plan to release crude from its Strategic Petroleum Reserves (SPR), the largest stock of emergency crude oil in the world, is also putting pressure on oil prices.

26 million barrels, to be delivered to the market between April 1 and June 30, are part of the plan for sale.

Price rises are also being restrained by information from the Energy Information Administration (EIA) that showed a larger-than-anticipated inventory build in the US.

Contrary to the market consensus of an increase of about 321,000 barrels, the US increased its commercial crude oil stocks by 3.6 percent, or about 16.3 million barrels, to 471.4 million barrels.

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