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Chinese demand US inventory elevate oil prices
9/6/2016 0:00
[rtl] Awasam- follow morning
oil prices rallied on Wednesday and for a third day to the highest level in eight months, backed by the industrial data , which showed a reduction of unexpected US inventories of crude, with strong Chinese demand and attacks on the oil industry in Nigeria.
Prices had touched the price of 51, $ 55, earlier, the highest since October 12.
rose light sweet crude for delivery in July 17 cents to $ 50.53 a barrel, after touching US$ 50.58 earlier, the strongest October last nine years.
fell US commercial crude oil inventories from 3.6 million barrels last week, according todata from the American Petroleum Institute, compared with expectations of a decline of 2.7 million barrels.
the rise in the market, after the Chinese trade data showed an unexpected increase in imports and decrease in exports, adding to hopes that the second economy world ismoving towards stability.
rose oil is also supported by the fears of global supply disruptions caused by exposure Nigerian oil fields for the sabotage, which led to a decline in oil production in this African country to its lowest level for 20 years ,
it should be noted it was the first time since that oil rises above $ 50 closing price of abarrel of oil above $ 50 on Tuesday. And is the first time since July 2015, predicted decline in market supply and a weaker dollar and increased oil price «West Texas» Reference 67 cents with, to $ 50.36 a barrel on the New York Mercantile Exchange, an increase of about twice the price that a boat $ 25 in February. Meanwhile , a new study has predicted that world oil demand will peak by the end of the next decade , despite thehigh growth rates of the global economy. And reduced consulting firm McKinsey previous forecast for growth of global oil demand to a certain extent can make large new investments in the oil industry investment is economically viable if demand has yet torecover to the level of expectations, according to the McKinsey study. McKenzie said it cut its forecast for oil demand growth to 0.8 percent annually up to 2040, a rate far below public expectations, including the Mackenzie itself estimates that last year , which predicted the demand to grow by 1.1 percent.[/rtl]
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