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Oil Up On China Data, Yuan But Saudi Recovery Plan Doubtful


Friday, 9 August 2019 03:43 WIB

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Oil staged its first meaningful rebound in four days on Thursday, climbing from seven-month lows on upbeat Chinese data and an appreciation of the yuan that soothed some nerves over Beijing’s trade war with the Trump administration.

Crude prices were also helped higher by a Bloomberg report quoting an unidentified Saudi official as saying the kingdom would not tolerate the steep price slide of the past week and was open to all options to halt further declines. But Bloomberg also said separately in an analysis that the options available to Riyadh were scarce. “A cooling global economy and the U.S-China trade dispute are putting a brake on fuel demand, so even if global producers decide to cut output further, they may struggle to revive prices,” Bloomberg added.

New York-traded West Texas Intermediate crude settled up $1.45, or 2.8%, at $52.54 per barrel. Despite the rebound, WTI remains down 6% on the week and 11% on the month.

London-traded Brent crude, the benchmark for oil outside of the U.S., rose $1.29, or 2.3%, to $57.53, remaining under the key $60 per barrel.

Both WTI and Brent are still down more than 20% since late April, befitting a bear market.

Source : Investing.com


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