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Oil prices rose on Monday, after losses of 8% in the previous session. Brent has exceeded $ 60 a barrel, but the sentiment remains weak in the face of the sharp decline in financial markets recorded in recent weeks.
Futures contracts on Brent rose 1.31% or 2.2% to $ 60.11 per barrel in 0643 GMT. The American WTI rose 66 cents, or 1.3%, to 51.08 dollars a barrel. The gains were offset by some of Friday's losses, already called "Black Friday" by traders.
The downward trend comes as supply increases and demand growth slows, which should result in a supply surge next year. Oil markets have also been affected by the general decline in capital markets. The markets were penalized by the strength of the US dollar, which appreciated most of its peers thanks to interest rates that pushed investors away from other currencies and high-risk assets such as the US dollar. oil.
On the other hand, the ongoing trade dispute between China and the United States, Beijing, aims to stop imports of US crude oil last month. China's customs data yesterday showed that China had stopped importing US oil in October for the first time since February 2017. By contrast, its Saudi and Iraqi oil imports have risen, oil imports from the country's oil sector have risen. Iran halfway.
China's crude oil imports from Russia rose 58 percent year-on-year to a record high of 1.73 million bpd, according to figures released Friday by the government's administration. Chinese customs. Imports from Saudi Arabia rose 3.4% in one year to reach 1.12 million barrels a day. While Chinese oil imports from Iran fell 64 percent from October 2017, they stood at 247,000 and 160 barrels a day, according to the accounts. Chinese imports of petroleum from the United States reached 1.04 million metric tons in September. Imports of Iraqi oil reached 4.64 million tonnes last month.
The data also showed that China had not imported any LNG from the United States last month, with additional charges imposed by China on US exports of fuel and liquefied natural gas as part of the trade dispute. between Washington and New York.
China imported 2.27 million LNG from Australia, 960,000 tonnes from Qatar, 496,000 tonnes from Malaysia and 286,000 tonnes from Indonesia, according to the General Administration of Customs.
China became the world's second largest importer of liquefied natural gas (LNG) last year, surpassing North Korea, Bloomberg said.
On the other hand, Chinese imports of natural gas by pipeline totaled 1.72 million tonnes of Turkmenistan last October, compared to 2.17 million tonnes last September. Last month, Chinese imports from Uzbekistan amounted to 529,000 tons and those from Kazakhstan to 404,000 tons.
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