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Oil rises for a second day on expectations supply and Chinese data
Date: 01/20/2017 12:44
Image of Reuters archive to pump oil in California.
Oil rose for a second session on Friday, supported by expectations of a decline in supplies, and reports show a record demand from China but prices remained under pressure due to the rise in crude and gasoline stocks in the United States.
And increased global London Brent crude 29 cents to $ 54.45 a barrel by 0756 GMT.
Rose WTI US mediator in the futures eight cents to $ 51.45 a barrel.
The International Energy Agency said it was too early to assess the commitment of the members of OPEC production cuts they have pledged, while commercial oil inventories in developed countries fell in November for the fourth month in a row and is expected to fall also in December.
Data from the Chinese Bureau of Statistics showed that the country's refinery consumption of crude oil rose 3.7 percent to 47.82 million tons or 11.26 million barrels per day to reach the volume of consumption today a new record high. The total crude consumption rate is the highest ever also in the whole of last year to reach 10.79 million barrels per day.
China's economy grew faster than expected pace of 6.8 percent in the fourth quarter of last year with the support of high government spending and bank lending reach record levels, including gave him a boost with its entry in 2017 is expected to be turbulent.
However, the rise in crude oil and gasoline stocks in the United States have limited price gains.
The US Energy Information Administration on Thursday that crude oil inventories in the United States rose unexpectedly last week in light of a sharp slowdown in the production of the refineries, while gasoline stocks climbed amid weak demand.
Crude stocks increased 2.3 million barrels in the week ending January 13, while analysts expected a height of 342 thousand barrels. The data showed a much larger than expected rise in gasoline inventories.
And trending futures for Brent and US crude to a second weekly losses incurred in a row. Finished / 25 p.
http://almaalomah.info/2017/01/20/economic/123597
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