Chinese demand raises world oil prices



Thursday 12 January 2017 | 14:11
| Number of Views: 24

BAGHDAD / ... Oil prices rose on Thursday, supported by expectations of strong demand growth in China and signs that OPEC members have begun to cut production, but rising US crude inventories and abundant global supplies Eekphan markets.

By 7:17 am GMT , futures prices for Brent reached 55.30 dollars a barrel, up 20 cents from the previous close.

Futures for US crude price of West Texas Intermediate surged 52.32 dollars a barrel, up seven cents.

Traders said Brent receives support from auto sales in China, which recorded a 13.7 percent growth in 2016 to reach 28 million units.

The China National Petroleum Corporation (CNPC) announced today that net oil imports will rise 5.3 percent to 396 million tons (about 8 million barrels per day) in 2017.

As OPEC member Iraq said on Thursday it cut its production of 160 thousand barrels per day since the beginning of January, and added that by the end of this month will decrease production of 210 thousand barrels per day. It ended 2

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