The price of oil rose today, while rising above $ 100.00 per barrel (mark WTI), as data from China pointed to more substantial growth than expected.
According to a report released today by the Bureau of Statistics in Beijing, the first time in the last three quarters of China's economic growth increased by 7.5% compared with a year earlier. In accordance with the average estimate of analysts, the index was 7.4%. Another indicator - industrial production - grew by 9.2% in June compared with a year earlier, exceeding the average analyst estimate of 95 and the May figure of 8.8%. In addition, in the first half of the investment in fixed assets, with the exception of rural households increased by 17.3% compared with a year earlier.
"Statistical data from China have become a positive factor for the oil market, as they indicate that the incentives bring results," - said a senior oil market analyst at Energy Aspects Amrita Sen
Market participants are also watching the situation in Libya. According to the latest information, Libya has increased oil production to 588,000 barrels per day, but various groups continue to fight for control of the international airport of the capital Tripoli.
The course of trade also influenced today's U.S. Department of Energy report that showed: commercial U.S. crude inventories last week fell by 7,525 thousand barrels - up to 375.04 million barrels., While gasoline inventories - increased by 171 thousand barrels. Gasoline inventories rose by 171 thousand barrels and reached 214,492 million barrels. Commercial distillate stocks rose by 2,528 thousand barrels, reaching 124,296 million barrels. Experts expected a decrease of oil reserves by 2750 thousand barrels, gasoline inventories increase by 950 thousand barrels and distillate stocks increase for 2000 thousand barrels. We also learned that the oil terminal in Cushing last week fell by 0.65 million barrels to 20.273 million barrels and refinery utilization in the United States rose to 93.8% against 91.6% a week earlier
Recall that yesterday, the American Petroleum Institute (API) reported a decline in oil inventory in the U.S. by 4.8 million barrels, and the reduction of stocks at the terminal in Cushing at 944 thousand barrels per day. It was also said that distillate stocks rose by 1.3 million barrels, while gasoline inventories fell by 1.6 million barrels.
Cost of the August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 101.25 per barrel on the New York Mercantile Exchange (NYMEX).
August futures price for North Sea Brent crude oil mixture fell $ 0.40 to $ 106.21 a barrel on the London exchange ICE Futures Europe.
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