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Crude oil prices ended higher after being lifted by stronger Chinese demand data

14 Jul 2017 06:54 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

According to Chinese oil demand data that was released by customs yesterday, the country imported 8.6m barrels per day of crude oil during the 1H 2017, up 13.8% from last year. It is now the world's largest crude importer, ahead of the US. But this demand could be due to Strategic Petroleum Reserve (SPR)-related, while in the US, production is at record levels and this would mean a need for lesser imports.

Brent rose to a high of 48.53 before closing close to that level. Prior to the upward retracement, oil prices had fallen to the day's low on a report released by the IEA, which stated that the oversupply situation could be extended due to rising levels of production globally and also due to non-compliance (78% in June) and exemptions on the parts of some OPEC members. The so-called rebalancing is likely to happen later likely than earlier.

Oil rig count data due for release during US trade today before we head into the weekend.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.




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