Oil rises with low production despite a weak Chinese data

March / March 1, 2016 11:36

SINGAPORE (Reuters) - Oil prices rose on Tuesday , with a drop in production in the United States, including OPEC contributed to curb oversupply in the market, offsetting the effect of the decline of the manufacturing sector in China , which has stoked fears of slowing demand growth.

US crude was trading in the futures at $ 34.10 a barrel at 0633 GMT , up 35 cents from its price in the previous settlement. Prices rose 30 percent since Feb. 11 when I got crude futures to their lowest level during the session at $ 26.05 a barrel, the lowest level since 2003.

ANZ bank said that skipping the level of $ 34 will reinforce the view adopted by some that the market exceeded the bottom.

And increased global London Brent crude futures 27 cents to $ 36.84 a barrel and has increased more than 20 percent since Feb. 11.

Traders said prices rose thanks to changes in the fundamentals of supply and demand, particularly decline in production in the United States and OPEC.

US government data showed on Monday , lower crude production in December, the third consecutive month by 43 thousand barrels per day to 9.26 million bpd, the lowest level in a year. However , the average annual crude production in 2015 of 9.43 million barrels per day , more than 720 thousand barrels from the previous year.

According to a Reuters survey based on shipping data and information from sources at oil companies, OPEC and advisers dropped supplies from OPEC by 280 thousand barrels a day in February to 32.37 million bpd.

But weak economic data from China and the prospect of slowing growth in demand prevented further price increases.