Barrels of oil appreciated due to a recovery in the Chinese economy and a reduction in the supply of crude oil.
The prices of Petroleum They rise this Friday, driven by the rsupply reduction and the stimulus measures in a Chinese economy it recovers slowly. And it is that the Chinese authorities unveiled plans to boost sales of automobiles and electronic products.
In this context, the Brent oil futures US$1.02 rises to US$80.66 a barrel while US crude West Texas Intermediate earns $1 dollar at $76.65 a barrel.
“The supply shortfall that had been shaping up in the second half of the year is now supported by hard figures,” Commerzbank analysts said, citing recent data indicating that crude imports from Russia by China and India had reached an all-time high in June.
Prospects for the purchase of oil
However, buying interest in India is likely to weaken given the reduction of discounts and the payment problems. Meanwhile, Russia joined Saudi Arabia in cutting production for August in early July.
In USAcrude oil inventories have also fallen, supported by an increase in crude exports, as well as higher utilization of refineries, the Energy Information Administration (EIA) reported on Wednesday.
Meanwhile, investors welcomed stimulus measures aimed at reinvigorating the sluggish chinese economy. The last figures of second largest oil consumer in the world suggest that the growth rate of the Gross Domestic Product (GDP) in the second quarter portends a breach of the 5% annual growth target set by the government.
“The announcement lacks details, but the idea that China buy more cars gives bullish oil investors hope,” said John Evans, an analyst at PVM.
Source: Ambito
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