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Home Markets Commodities
Crude oil prices up 12% in barely 4 days, triggered by OPEC+ proposed cuts, Brent Crude up, Trump leads in Michigan, Pennsylvania

Crude oil prices surge, as China plans to import large volumes of U.S. crude

Olumide AdesinabyOlumide Adesina
3 years ago
in Commodities
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Crude oil prices surged higher on Monday at London’s trading session. This bullish run was triggered by news that the second-largest economy (China) will import large volumes of U.S. crude in August and September.

The news has outweighed concerns over a fragile demand recovery after oil output by OPEC+ increased recently.

Brent crude prices gained about 0.71%, to trade at $45.12 a barrel by 05.55 am GMT. Also, U.S. Crude prices gained 0.86% to trade at $42.37 a barrel.

READ MORE: America’s Trump is once again ‘messing’ with crude prices

Chinese state-owned energy firms had cumulatively booked oil tankers to transport at least 20 million barrels of U.S. crude oil for this month and September, as China increased its order on energy and farm purchases ahead of a review of the Sino-U.S. trade deal.

Stephen Innes, the Chief Global Market Strategist at AxiCorp, gave insights on what crude oil traders are focusing on presently. He said:

“China increasing US oil imports is the most apparent trade deal reaffirmation. From a trade talk risk perspective, wiping down the last remnants of escalation risk is favorable for oil prices.

READ ALSO: NNPC opens bid for repairs of pipelines and depots on a finance and operate basis

“Despite the stimulus package appearing to be in a standstill, the markets appear to be taking the view that major fiscal legislation is inevitable, presumably based on the assumption that the Republicans will eventually accept a somewhat larger package in light of their incentive to support the economy ahead of the November election, where President Trump is trailing in the polls.”


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Tags: AxiCorpBrent Crudecrude oilCrude PricesOPECPresident TrumpSino-U.S. trade dealStephen InnesU.S. crude
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market journalist and investment trader. Message Olumide on Twitter @tokunboadesina

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