2023-04-25 00:00:57
West Texas Intermediate (WTI) crude futures in New York closed higher on Monday (April 24), supported by hopes that demand for oil in China will recover.
- WTI crude futures for June delivery rose 89 cents, or 1.14 percent, to settle at $78.76 a barrel.
- Brent crude oil futures (BRENT) for June delivery rose $1.07, or 1.31%, to settle at $82.73/barrel.
The Chinese customs office reported that China’s March crude imports soared 22.5 percent year on year to 52.3 million barrels, the highest level since June. 2020
At the same time, it was reported that Trip bookings from China to other Asian countries during the May Labor Day holiday also rose. Although the number is not as large as before the COVID-19 pandemic will spread
In addition, the market also gained positive factors from the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus Cut oil production by 1.16 million barrels per day. Which will take effect from May until the end of 2023, which is an unexpected move. This is because the market had previously expected that OPEC Plus would maintain its oil production policy until the end of the year.
Investors keep an eye on the US crude stock report. The US Energy Information Administration (EIA) will release the data on Wednesday at 9:30 p.m. ET.
By InfoQuest News Agency (25 Apr. ’23)
Tags: WTI oil, crude oil, oil price
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