Oil settles after strong Chinese data demand and exports continue to pressure Iran im
Oil settles after strong Chinese data demand and exports continue to pressure Iran imminent
Singapore January 19 (Reuters) - A recovery in oil prices on Tuesday backed an increase of fuel consumption in China, ending a downward wave that arrived crude to its lowest level since 2003 earlier this week after Tehran return to the already bloated market.
Traders said prices received support from strong data from China, where the initial demand for oil record in 2015 to reach a record 10.32 million barrels per day, up 2.5 percent from 2014.
However, it is expected to decline in the pace of growth in oil consumption in China in 2016 as the second largest economy in the world further slowdown witnessed the government and moving it to the abolition of tax credits on the purchase of cars, which have contributed so far to increase the demand for cars powered by fuel gasoline.
The total trading, Brent crude futures price in the month of entitlement to $ 29.42 a barrel by 0757 GMT, up 87 cents from the last settlement price.
As US crude futures rose by 29 cents to $ 29.71 a barrel, upping the price of Brent above Alaute.
The premium amounted to US crude above Brent highest levels since 2010 on Monday as Iran's oil will be issued to the Asian and European markets that determine the price based on the measurement of Brent crude while still laws restrict the export of Iranian crude to the United States.
Prices reached their lowest levels in total since 2003 on Monday after the lifting of Western sanctions that were imposed on Iran, a decision that was followed by an order of the Tehran to increase crude production to realize immediate benefit from the lifting of sanctions.
(Preparation Islam Yahya Arab Bulletin - Edit aura Qandil)