Friday, 20 January 2017

Oil Rises A Second Day On Supply Expectations, Record China Data

Oil climbed for a second day on Friday underpinned by expectations of tighter supply and on reports of record Chinese demand, but prices remained under pressure from rising U.S. crude and gasoline inventories.

Brent crude, the international benchmark, rose 15 cents to $54.31 a barrel 0257 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were trading up 17 cents at $51.54 per barrel. The International Energy Agency (IEA) said that while it was "far too soon" to gauge OPEC members' compliance with promised cuts, commercial oil inventories in the developed world fell for a fourth consecutive month in November, with another decline projected for December.

China's December refinery runs were up 3.7 percent at 47.82 million tonnes, or 11.26 million barrels per day (bpd), data from the statistics bureau showed, touching a new daily record. Crude throughput hit the highest level in history for the year at 10.79 million bpd, data showed.

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