Crude oil rose for the first time in four days, rebounding from its lowest since July 1st, after positive economic data from China, the world`s second-largest oil consumer, helped offset the worries over demand following the rise in US crude stockpiles.
US crude inventories rose by 5.2 million barrels last week according to the Energy Information Administration report yesterday, which is more than the expected increase of 3 million. Gasoline stockpiles slid by 1.8 million barrels while distillates rose by 1.5 million
- WTI crude oil futures for December is trading around $97.55 a barrel after rising $0.69
- Brent futures for December settlement is trading around $107.99 a barrel after rising $0.19
After the stockpiles report depressed prices overnight, crude managed to benefit from China’s data; the manufacturing sector expanded by the most in seven months during October on strong new orders, providing further evidence the economy is stabilizing.
China’s stabilizing growth is supporting the outlook for demand on oil yet the talks between Iran and the US, the persistent uncertainties over the US budget, the rising oil production in the US and Canada, and the weaker fundamentals may limit the gains in prices.
- Natural gas is trading at $3.608 per cubic feet after falling 0.30%
- Gasoline is trading at $2.558 per cubic feet after rising 0.22%
- Heating oil (diesel) is trading at $2.9269 a gallon after rising 0.12%
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Crude Recovers On Positive Chinese Data Yet Remains Near 4-Month
Published 10/24/2013, 07:08 AM
Updated 07/09/2023, 06:31 AM
Crude Recovers On Positive Chinese Data Yet Remains Near 4-Month
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