Oil prices rose 1.5 per cent on Thursday after much stronger demand in China overshadowed a downbeat report by the International Energy Agency (IEA) that showed higher production by key Organisation of the Petroleum Exporting Countries (Opec) exporters. Brent crude was up 70 cents at $48.44 a barrel by 11:27 am EST [15:27 GMT]. US light crude was 70 cents higher at $46.19. "The market is trying to stabilise," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut. Prices had responded only minimally to data Wednesday showing ...
Oil prices up 1.5% as strong Chinese demand overshadows supply glut
China imported 8.55 million bpd of oil in the H1 of 2017, up 13.8% on the same period in 2016