A great oil surge
As usual, the reason is hidden in US political games…
Crude holds revenues in Asia
On Monday, crude held revenues in Asia notwithstanding dismal trade figures from China. Moreover, centrist nominee Emmanuel Macron matched opinion poll hopes and outclassed anti-EU far-right nominee Marine Le Pen as traders looked ahead to regular weekly data sets as well as other reports.
June delivery American West Texas Intermediate crude futures grew 1.28%, hitting $46.81 a barrel, reviving after a moderately more than 6% dip the previous week. In London, July delivery Brent futures managed to gain 1.34%, trading at $49.76 a barrel.
In April, China imported up to 34.39 million metric tons of oil, down 11.7% from 38.95 million metric tons last month. Imports of crude products declined 7.8%, being worth 2.49 million metric tons. Meanwhile, exports of crude products edged down 25.1%, trading at 3.50 million metric tons.
Additionally, China told that in April exports added 8% year-on-year, which is below the 10.4% revenue observed, while imports inched up 11.9% also below the 18.0% profit actually expected for a trade balance surplus of $38.05 billion, and it’s also wider than the $35.50 billion observed.
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