Crude oil futures alternate higher as Chinese imports rise in July

Crude oil futures alternate higher as Chinese imports rise in July

by admin- Tuesday, August 9th, 2022 07:04:52 AM

Shipments get over 4-12 months low in June; international economic slowdown fears restrict profits
Crude oil traded higher on Monday morning with the Chinese statistics displaying an boom in crude oil imports in July. However, fears of a global economic slowdown continue to restrict in addition growth in fees.

At 10.01 am on Monday, October Brent oil futures have been at $ninety five.Sixty six, up by way of 0.78 consistent with cent; and September crude oil futures on WTI had been at $89.25, up with the aid of zero.27 in step with cent.

August crude oil futures had been buying and selling at ₹7,132 on Multi Commodity Exchange (MCX) in the preliminary hour of Monday morning in opposition to the previous near of ₹7,086, up by means of zero.Sixty five per cent, and September futures were trading at ₹7,083 as towards the previous near of ₹7043, up by way of 0.Fifty seven consistent with cent.
China, a chief importer of crude oil in the global market, witnessed a growth in the crude oil imports at some stage in July because of the rebound inside the monetary sports in that united states of america after a sequence of lockdowns in the previous months.

Chinese customs statistics confirmed that it imported eight.Seventy nine million barrels an afternoon of crude oil in July, up from a four-12 months low in June. However, the import was nonetheless nine.5 consistent with cent decrease than a yr in the past.

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