Crude edges down on sliding Chinese crude imports

Crude edges down on sliding Chinese crude imports

On Wednesday, crude prices went down because Chinese crude imports declined to their lowest value in a year. However, market participants told the overall market is still backed due to OPEC-led supply cuts.

Investors told they were monitoring growing tensions in the Middle East, especially those between regional counterparts Iran and Saudi Arabia.

Brent futures showed $63.33 a barrel, losing 0.6%. The given sag actually follows Brent soaring to an over two-year maximum of $64.65 earlier this week.

As for American West Texas Intermediate crude futures, they demonstrated $56.90 a barrel, descending 0.5% from their previous settlement.

China's October crude imports went down abruptly from September’s nearly record-maximum of nearly 9 million barrels a day to about 7.3 million bpd. That’s what the General Administration of Customs informed on Wednesday. It turns to be the lowest outcome since October 2016, although imports managed to gain 7.8% from 2016.

Similar

Gold sags in Asia as risk trade relives

On Monday, gold edged down in Asia because risk trade relieved and market participants waited for more insight on American tax cut plans as well as related Fed policy…

Popular

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later