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[size=36]Thanks to strong data from China, oil rises to a 4-week high[/size]
Economie| 10:24 - 16/04/2021
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Baghdad - Mawazine News
Oil prices continued their gains today, Friday, and are on the path of achieving a weekly profit of about 7 percent, with improved prospects for crude demand and a strong economic recovery in China and the United States.
By 05:51 GMT, Brent crude futures rose 30 cents, or 0.5 percent, to $ 67.24 a barrel, after increasing 36 cents on Thursday.
U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4 percent, to $ 63.74 a barrel, after rising 31 cents on Thursday.
A unit of the China National Petroleum Corporation said that China's net imports of crude oil in 2021 are expected to grow by 3.4 percent, compared with 2020, to about 11.2 million barrels per day.
China announced a record jump of 18.3 percent in economic growth in the first quarter of this year, after a decline caused by the Corona virus earlier last year, but the pace of growth is expected to moderate later in the year.
Justin Smirk, chief economist at Westpac, said that the strong recovery of economies around the world, supply restrictions imposed by OPEC and its allies, the so-called OPEC + group, as well as the cautious reaction of US oil producers to higher prices, are all factors that support the market.
He added, "We still believe that there is a clear possibility that prices will rise to $ 70 a barrel before we see a more significant decline."
He pointed out that the longer prices remain high, the more supplies are likely to return to the market, and that the risks of rising Coronavirus cases in places such as India and Europe may ultimately drive prices down.
Oil prices continued their gains today, Friday, and are on the path of achieving a weekly profit of about 7 percent, with improved prospects for crude demand and a strong economic recovery in China and the United States.
By 05:51 GMT, Brent crude futures rose 30 cents, or 0.5 percent, to $ 67.24 a barrel, after increasing 36 cents on Thursday.
U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4 percent, to $ 63.74 a barrel, after rising 31 cents on Thursday.
A unit of the China National Petroleum Corporation said that China's net imports of crude oil in 2021 are expected to grow by 3.4 percent, compared with 2020, to about 11.2 million barrels per day.
China announced a record jump of 18.3 percent in economic growth in the first quarter of this year, after a decline caused by the Corona virus earlier last year, but the pace of growth is expected to moderate later in the year.
Justin Smirk, chief economist at Westpac, said that the strong recovery of economies around the world, supply restrictions imposed by OPEC and its allies, the so-called OPEC + group, as well as the cautious reaction of US oil producers to higher prices, are all factors that support the market.
He added, "We still believe that there is a clear possibility that prices will rise to $ 70 a barrel before we see a more significant decline."
He pointed out that the longer prices remain high, the more supplies are likely to return to the market, and that the risks of rising Coronavirus cases in places such as India and Europe may ultimately drive prices down.
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