Crude Oil Rally Continues

Crude Oil Rally Continues

US crude jumped to the highest level in more than 10 months on Wednesday, rising for the third consecutive session, buoyed by ongoing supply disruptions in Nigeria and strong Chinese oil demand data.
US crude futures climbed 69 cents to $51.05 a barrel, having earlier hit $51.12, the highest level since July. Global benchmark Brent crude futures rose to 76 cents at $52.20 a barrel, after striking a high going back to Oct. 12, CNBC reported.
Industry data had also shown a larger-than-expected drop in US crude inventories on Tuesday, indicating an easing of the supply glut, as well as a weak dollar that also boosted prices.
"The market sentiment is positive; the trend and the momentum points to further gains," said Carsten Fritsch, commodities analyst at Commerzbank.
Supply disruptions caused by a string of attacks by the Niger Delta Avengers militant group in Nigeria have brought the oil exporter's production to the lowest in 20 years.
The group said on Wednesday it had attacked another oil well owned by US oil group Chevron, adding to assaults on oil infrastructure owned by Shell and ENI.
Oil Minister Emmanuel Ibe Kachikwu said output had dropped to between 1.5-1.6 million barrels per day, down from 2.2 million bpd at the start of the year.
At the same time, Chinese trade data showed on Wednesday that its May crude oil imports made the biggest year-on-year jump in more than six years, adding to hopes that the economy of the world's second-largest oil user may be stabilizing.

Short URL : http://goo.gl/giVGlh
  1. http://goo.gl/UrrQkf
  • http://goo.gl/XfOWOD
  • http://goo.gl/ZHzT8c
  • http://goo.gl/5VqhPz
  • http://goo.gl/1KcYGY

You can also read ...

Investors Urge Big Oil to Tackle Climate Change
Large global investors—representing a combined $10.4 trillion...
Oil Export Not to Decline If EU Saves Nuclear Deal
Iranian Oil Minister Bijan Namdar Zanganeh said on Saturday US...
Spain Increases Iran Oil Import
The probable revival of US sanctions threatens to reduce the...
Brent Prices Anticipated to Rise Over Supply Concerns
Oil prices fell on Friday, but Brent crude marked its sixth...
With more than 300 sunny days throughout the year, Iran has huge potentials to expand solar energy infrastructure
In line with efforts to use the country's maximum potential in...
Air Conditioning to Become Key Driver of Global Electricity Demand
The growing use of air conditioners in homes and offices...
13% Growth in Gas Condensate Production
Natural gas refining complexes produced over 237 million...
Agreements With Austrian University to Boost Oil Output
Iran's Petroleum University of Technology and Austria’s...