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Oil is stable due to high demand in China, slowing down drilling activity in the U.S.



Oil prices were stable on Monday morning.



17.Jul.17 7:10 AM
By Daria Zaytseva
Photo Toinnov.com

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Oil is stable due to high demand in China, slowing down drilling activity in the U.S.

Support for quotations was the slowdown in the growth rate of drilling in the U.S. and high demand for raw materials in China.

By 9.15 GMT futures for Brent crude rose 0.08% to $ 48.95 per barrel.

Futures for U.S. oil WTI by this time traded at $ 46.58 per barrel, 0.09% higher than the previous closing.

The number of drilling rigs in the U.S. last week increased by two pieces to 765, the data of the oil service company Baker Hughes showed on Friday.

At the same time, the growth rate of drilling in the last month has fallen to a minimum since November 2016.

Among other factors of support, investors call the high demand for raw materials from the Chinese oil refineries.

So, in June, the load of Chinese refineries in the annual comparison increased by 2-3% to 46.08 million tons, or 11.21 million barrels per day, according to the National Bureau of Statistics of China.

This indicator is only slightly inferior to the December record of 11.26 million barrels per day.

At the same time, some analysts warn against excessive optimism, noting that the above-mentioned factors - high demand in China and a slowdown in U.S. drilling activity - will rather help establish a lower threshold for oil prices, rather than stimulate their further growth.




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