OIL-Barrel rebounds on strong China trade data

OIL-Barrel rebounds on strong China trade data

A 3D oil rig in front of a graph and the words "Barrel of 0" in this illustrative image. REUTERS / Dado Ruvic

© Reuters / Dado Ruvic
A 3D oil rig in front of a graph and the words “Barrel of 0” in this illustrative image. REUTERS / Dado Ruvic

By Ahmad Ghaddar

LONDON, Oct 13 (Reuters) – Oil prices rebounded on Tuesday, supported by robust data from China, although gains were limited by concerns about lower demand in other countries and the resumption of production in Norway, the Gulf from Mexico and Libya.

* At 0959 GMT, Brent crude futures were up 73 cents, or 1.75%, at $ 42.45 a barrel, while US West Texas Intermediate (WTI) oil was up 78 cents, or 1 , 98%, to 40.21 dollars per barrel.

* China, the world’s leading oil importer, received 11.8 million barrels per day (bpd) of crude in September, 5.5% more than in August and 17.5% more than in September last year Customs data showed Tuesday.

* “Currently, demand for oil is mainly driven by China,” Commerzbank said.

* The International Energy Agency (IEA) – which advises Western governments on energy policy – said in its World Energy Outlook that, under its central scenario, the development of a vaccine and therapies could mean that the world economy recovers in 2021 and energy demand in 2023.

* But in a “delayed recovery scenario,” the schedule is delayed by two years, he added.

* “The era of growth in global oil demand will come to an end in the next 10 years, but in the absence of a big shift in government policies, I don’t see a clear sign of a peak,” the head of the IEA, Fatih Birol.

* Britain and the Czech Republic were tightening their lockdown measures to combat the surge in COVID-19 cases and French Prime Minister Jean Castex said he could not rule out local quarantines.

* On the other hand, workers have returned to US rigs in the Gulf of Mexico after the passage of Hurricane Delta and the end of a strike in Norway has allowed the resumption of production on offshore rigs, while Libya, a member of OPEC lifted force majeure in its Sharara oil field on Sunday.

(Additional reporting by Sonali Paul and Shu Zhang; Edited in Spanish by Ricardo Figueroa)


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