Oil extends gains on China trade info
Tuesday, 13 July 2010
SINGAPORE, July 12 (Commodity Online): World oil prices extended gains in Asian trade Monday as demand increased while worries over global economic recoveries eased.
Light sweet crude for August delivery was seen trading at $ 76.28 a barrel at 11.30 am Singapore time while Brent crude was at $ 76.51 a barrel in London.
Analyst said the black gold gained momentum on world's second largest oil consumer, China's bigger-than-expected trade surplus in June, that helped ease concerns over global economic recovery.
Chinese exports in June rose 43.9 per cent from a year earlier, while crude imports in the world's second-largest energy user rose by a quarter to hit a record high above 22 million tonnes.
Equity markets also showed positive trends across the region, following an excellent week for US stocks.
On Friday, crude oil futures finished the week on a positive note, tracking stocks upward after hitting the low for a month earlier in the week.
The benchmark West Texas intermediate contract settled Friday at $76.09 a barrel, up 65 cents on the day. Brent North Sea crude for August gained 71 cents to $75.42.
The International Monetary Fund Thursday revised its forecast for global growth this year upwards, to 4.6 per cent from 4.2 per cent, lending further support to oil prices.
Light sweet crude for August delivery was seen trading at $ 76.28 a barrel at 11.30 am Singapore time while Brent crude was at $ 76.51 a barrel in London.
Analyst said the black gold gained momentum on world's second largest oil consumer, China's bigger-than-expected trade surplus in June, that helped ease concerns over global economic recovery.
Chinese exports in June rose 43.9 per cent from a year earlier, while crude imports in the world's second-largest energy user rose by a quarter to hit a record high above 22 million tonnes.
Equity markets also showed positive trends across the region, following an excellent week for US stocks.
On Friday, crude oil futures finished the week on a positive note, tracking stocks upward after hitting the low for a month earlier in the week.
The benchmark West Texas intermediate contract settled Friday at $76.09 a barrel, up 65 cents on the day. Brent North Sea crude for August gained 71 cents to $75.42.
The International Monetary Fund Thursday revised its forecast for global growth this year upwards, to 4.6 per cent from 4.2 per cent, lending further support to oil prices.