Quantcast
Other Stories

Crude oil stocks at Cushing in Oklahoma climbed to a record high of 50 million barrels even as US crude oil imports jumped 18% to 8.34 million barrels a day.

10 Jan 2013

LONDON(Commodity Online): The export oriented economy, China, has made a genuine turn around as data suggests exports jumped by 14% in December from a year earlier beating the Bloomberg estimates of 5%.

“This will bode well for oil demand from the manufacturing sector” in China, the head of regional energy research for Mirae Assets Securities Ltd. in Hong Kong, Gordon Kwan said to Bloomberg.

“This reaffirms our view that China’s export-led economy has indeed staged a genuine turnaround.” he added.

Brent crude oil for delivery on February 13 on the ICE Futures, Europe was spotted trading at $111.86 a gain of $0.26 or 0.23%. WTI crude oil for delivery on the same date was seen trading at $93.44 or a gain of $0.34 or 0.37%.

MCX crude oil for delivery on January 21 was seen trading at Rs.5119 a barrel a gain of 0.25%.

Meanwhile, crude oil stocks at Cushing in Oklahoma climbed to a record high of 50 million barrels even as US crude oil imports jumped 18% to 8.34 million barrels a day; first climb in two fortnights.

“Inventories have been elevated for some time,” said David Lennox, an analyst at Fat Prophets in Sydney to Bloomberg.

“There might be a modest recovery in demand in the U.S. China will put further pressure on the demand side this year.” he added.


YOUR RESPONSE
Click on the image to reload it
Click to reload image
COMMENTS (0)

@2013 COMMODITYONLINE ALL RIGHTS RESERVED