Falling U.S. crude inventories spurred by higher refinery runs coincided with data showing China’s oil imports in April were higher than last year on signs of improving trade activity
Global benchmark Brent hovered above $84 a barrel on Friday after data this week signaled growing demand in the U.S. and China, the world’s two largest crude users, while festering conflict in the Middle East added support.
Falling U.S. crude inventories spurred by higher refinery runs coincided with data released on Thursday showing China’s oil imports in April were higher than last year on signs of improving trade activity.“Ongoing signs of strength in demand in China should see commodity market remain well supported,” ANZ Research analysts said in a note.
Meanwhile, conflict in the Middle East continues, after Israeli forces bombarded areas of the southern Gaza city of Rafah on Thursday, according to Palestinian residents, after the latest round of negotiations to halt hostilities in Gaza came to naught.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil price news: Oil unruffled by Iran's assault on Israel as Brent turns lowerOil shrugged off Iran’s unprecedented attack on Israel, with prices easing on speculation that the conflict would remain contained.
Read more »
Oil price news: Oil holds gains above US$88 before update on U.S. crude inventoriesOil held gains above US$88 a barrel before the release of weekly U.S. stockpiles data as traders took cues from wider markets and a fading geopolitical premium.
Read more »
Oil price news: Oil ticks higher with decline in U.S. crude stockpilesOil edged higher after a mixed snapshot of U.S. inventories that included a drop in nationwide crude holdings.
Read more »
Oil price news: oil advances as U.S. stockpile decline signals tighter marketOil climbed after government data showed a decline in U.S. stockpiles, signaling a tighter physical market.
Read more »
Oil price news: Oil erases losses as stockpile decline signals tighter marketOil erased earlier losses after government data showed a decline in US stockpiles, signaling a tighter physical market.
Read more »
Oil price news: Oil drops with bearish U.S. stockpiles compounding weaker outlookOil fell to the lowest level since mid-March, with a mildly bearish U.S. stockpile report adding to signals that the decline has further to go.
Read more »