Oil rises as recent figures from China show a recovery in demand
The world’s largest oil importer, China, surprised analysts with better-than-expected industrial data on Wednesday. Nevertheless, impending demand concerns, such as a buildup in US crude oil stockpiles and mounting concerns about additional US interest rate hikes, held back oil prices.
At 10:09 a.m. local time (07:09 GMT), the price of international benchmark Brent crude was $84.08 per barrel, up 0.75 percent from the previous trading session’s closing price of $83.45 per barrel.
West Texas Intermediate (WTI), the American benchmark, traded at $77.67 per barrel at the same time, up $0.80 from the previous session’s closing price of $77.05 per barrel.
Chinese industry activity expanded significantly in February, according to figures released on Tuesday by the National Bureau of Statistics of China.
The official manufacturing PMI increased to 52.6, indicating continued growth in the second-largest, oil-consuming nation in the world.
The figure was the highest since April 2012, when it hit 53.5, which increased the favorable perception of the oil market and prompted purchases of crude oil.
The American Petroleum Institute (API) reported late Tuesday its assessment of a rise in US crude oil stockpiles of roughly 6.5 million barrels, compared to the market consensus of a 440,000-barrel gain, exerting pressure on recovering demand and oil prices.
Later on Wednesday, the US Energy Information Administration (EIA) will release its statistics on oil stocks. If the increase in stock levels is verified, prices are anticipated to fall.
Save/Share this story with QR CODE
This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.
📩 Need to get in touch?
Feel free to Email Us for comments, suggestions, reviews, or anything else.
We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).
World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.