TELETRADER News
7/17, 9:46 AM (Source: TeleTrader.com)
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Oil higher, supported by strong Chinese demand

Oil prices traded in the green on Monday as investor confidence increased over a strong demand for crude in China. Meanwhile, market watchers were also somewhat reassured by the slowing production of oil in the United States. Rising US supplies were one of the main factors offsetting the efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers to cap global oil output and stabilize the prices.

OPEC members and several global oil exporters led by Russia agreed to cap production by as much as 1.8 million barrels per day in December 2016 in order to battle the market oversupply that has been prevailing for the past three years. On May 25, the crude producers agreed to extend the deal by another nine months despite the peak summer period demand.

West Texas Intermediate for August delivery gained 0.45%, changing hands for $46.76 per barrel at 9:32 am CET. In the meantime, international benchmark Brent for settlements in September added 0.51% to trade for $49.17 per barrel at 9:33 am CET. 

TeleTrader Newsroom / VK