Lower inventory in the US and an increase in Chinese imports impact prices.
The prices of Petroleum rose on Thursday, as the fall in inventories in USA and the increase in imports China supported expectations of demand growth in the world’s two largest consumers of crude oil.
The futures of Brent crude oil for July they rose 57 cents, or 0.7%, to $84.15 a barrel, and the West Texas Intermediate (WTI) for June advanced 56 cents, or 0.7%, to $79.55.
“Oil markets were buoyed by a larger-than-expected reduction in U.S. inventory data. Improving chinese trade balance contributed to the bullish momentum,” Tina Teng, an independent market analyst, told Reuters.
The crude oil inventories of USAthe world’s largest consumer of Petroleumfell last week by 1.4 million barrels, to 459.5 million, according to the Energy Information Administrationabove analysts’ expectations of a reduction of 1.1 million barrels.
Crude oil shipments in April to China, the world’s largest oil importer, amounted to 44.72 million tons, about 10.88 million barrels per day, according to customs data published on Thursday. This figure represents an increase of 5.45% compared to the previous year.
“The impressive recovery (in crude oil prices) was also helped by the fading hopes of a ceasefire between Israel and Hamas“declared Tamas Varga, from the brokerage PVM.
Hamas said the day before that it is not willing to make any more concessions to Israel in the negotiations on a ceasefire for Loopalthough talks continue in Cairo. * “Although there may be some short-term relief for oil prices Petroleumit may be difficult to return to April highs above $90 per barrel, when geopolitical tensions were at their peak,” said Yeap Jun Rong, market strategist at I.G..
Source: Ambito
