Investing.com – Crude oil prices remained supported on Friday, climbing to two-week highs following news of a third weekly decline in stockpiles, strong import data from China and recent signals the market is tightening.
The U.S. West Texas Intermediate crude November contract was up$1.09 or about 2.15% at $51.67 a barrel by 09:15 a.m. ET (13:15 GMT),its highest since September 29.
Elsewhere, for December delivery on the ICE Futures Exchange in London was up $1.15 or about 2.01% at $57.38 a barrel, also the highest level since September 29.
Prices rose after the U.S. Energy Information Administration said in its weekly report on Thursday that crude oil inventories fell by in the week ended October 6.
Earlier Friday, official data showed that China’s imports increased by last month. China is the world’s biggest oil importer.
The commodity was also supported after the Organization of the Petroleum Exporting Countries indicated, in its monthly report on Wednesday, that amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018.
In its own monthly report on Thursday, the International Energy Agency said that global supply and demand for crude oil .
In other news, U.S. President Trump was expected to announce Friday that he will for now, but ask Congress to attach new conditions which could potentially lead to its rupture.
The Persian nation is an OPEC member and key Middle Eastern oil producer.
Elsewhere, were up 2.37% at $1.625 a gallon, while rallied 1.17% to $3.024 per million British thermal units.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Investing.com – Crude oil prices remained supported on Friday, climbing to two-week highs following news of a third weekly decline in stockpiles, strong import data from China and recent signals the market is tightening.
The U.S. West Texas Intermediate crude November contract was up$1.09 or about 2.15% at $51.67 a barrel by 09:15 a.m. ET (13:15 GMT),its highest since September 29.
Elsewhere, for December delivery on the ICE Futures Exchange in London was up $1.15 or about 2.01% at $57.38 a barrel, also the highest level since September 29.
Prices rose after the U.S. Energy Information Administration said in its weekly report on Thursday that crude oil inventories fell by in the week ended October 6.
Earlier Friday, official data showed that China’s imports increased by last month. China is the world’s biggest oil importer.
The commodity was also supported after the Organization of the Petroleum Exporting Countries indicated, in its monthly report on Wednesday, that amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018.
In its own monthly report on Thursday, the International Energy Agency said that global supply and demand for crude oil .
In other news, U.S. President Trump was expected to announce Friday that he will for now, but ask Congress to attach new conditions which could potentially lead to its rupture.
The Persian nation is an OPEC member and key Middle Eastern oil producer.
Elsewhere, were up 2.37% at $1.625 a gallon, while rallied 1.17% to $3.024 per million British thermal units.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
