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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

Reuters  |  New York 

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 ...

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First Published: Thu, July 13 2017. 22:35 IST