Oil rose sharply on the news from China

Нефть резко подорожала на новостях из Китая

Positive statistics from China has weakened the markets ‘ concerns about a possible slowdown in the global economy.

World oil prices reference marks are rapidly rising on positive economic statistics from China. This according to the auction on Wednesday evening, September 4.

So, as of 20:30 CEST November Brent crude on London’s ICE Futures exchange rose $2.66, or (4,57%) to $60,92 per barrel.

The cost of the futures on WTI for October on the electronic session on the new York Mercantile exchange (NYMEX) rose to $2,61 (4,84%) to $56,55 per barrel.

Thus, the spread between the current contracts for Brent and WTI is $4,37 in favor of Brent.

As noted by Prime, support to the oil market had a positive statistics, which weakened the markets ‘ concerns about a possible slowdown in the global economy. Thus, according to the business magazine Caixin, the business activity index (PMI) in the services sector of China in August rose to 52.1 points from 51.6 points a month earlier. Experts predicted a weaker rise to 51.7. China is one of the largest consumers of oil.

Traders also expect the statistics on oil reserves in the United States. In the night of Thursday, your information will publish the American petroleum Institute (API), and on Thursday evening, US Department of energy. Analysts expect the index fell by 3.5 million barrels, after falling a week earlier by 10 million barrels.

On the eve of “black gold” has fallen in price because of the lack of progress in trade negotiations between the US and China. The price of a barrel of oil grade Brent was $57,80.

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