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Reuters
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Oil prices rose today, Monday, and Brent is heading towards the seventy dollars a barrel level, as data shows China’s economic recovery accelerating in early 2021, which is supporting demand. energy in China.
Brent futures rose 0.7%, to $ 69.69 a barrel, at 4:38 a.m. GMT, while U.S. West Texas Intermediate crude hit $ 66.10 a barrel, an increase of 0. 8%.
Data showed that China’s industrial production growth accelerated in January and February 2021, beating expectations, while refinery output rose 15% from the same period a year ago.
Chinese heavy industries have seen strong growth, with their production of cement, steel and aluminum growing in double digits from 2019 levels before the Covid pandemic, said Singh Yekti, analyst at the company. Chinese consultancy Sia Energy, adding that producing and shipping all of these materials requires energy.
In addition to the increase in support prices, sources in the refining industry told “Reuters” on Friday that Saudi Arabia, the world’s largest oil exporter, had cut supplies of crude to be loaded next April to au. minus four North Asian buyers up to 15%, while meeting the normal monthly needs of refiners.
The supply cut comes as the Organization of the Petroleum Exporting Countries “OPEC” and its allies, the group known as “OPEC +”, decided earlier this month to extend most of their cuts to oil. ‘supply until next April.
Source: Reuters
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