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News // Markets & Stocks

Good news from Chinese economy pushed the barrel above $76 this Monday

12 July 2010 , 09:01Reuters1842

 

U.S. crude oil futures held above $76 a barrel on Monday as China's bigger-than-expected trade surplus in June eased worries about a slowdown for the global economic recovery and oil demand. Chinese exports in June rose 43.9 percent from a year earlier, while crude imports in the world's second-largest energy user rose by a quarter to hit a record high above 22 million tonnes. Nymex light, sweet crude was trading little changed at $76.13 a barrel in Asia, after closing last week with a gain of above 5 percent -- the biggest jump since the week to May 28. Crude hit an intraday high of $76.48 on Friday, the highest since June 30.

 

"Because oil closed higher than expected last week, we are seeing some short-covering in Asia," said Ken Hasegawa, a commodity derivatives sales manager at broker Newedge in Tokyo. "Amid a lack of major news in particular, I have to attribute the rise to China data." U.S. crude remains below a 19-month peak above $87 reached in early May, having rebounded sharply from a trough below $65 on May 20. London Brent crude edged slightly lower to $75.53 a barrel. Stock markets in Asia edged higher, after the best week for a year for U.S. equities. The driver this week will be quarterly earnings, which kick off on Monday with the results of aluminum producer Alcoa.

 

The yen eased on Monday after election results showed political uncertainty lay ahead for Japan after a poor showing for the ruling party in upper house elections. Weather forecasters reported no new signs of foul weather brewing that could hit the Gulf of Mexico, after Tropical Depression No.2 hit Mexico's coast near the border with Texas on Thursday, missing energy production platforms. 

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