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On Thursday, crude prices were steady because strong demand from China relieved concerns of an everlasting fuel glut.
Brent crude futures showed $47.75 a barrel, gaining 1% from the previous close.
West Texas Intermediate crude futures were worth $45.48 a barrel, sliding 1% from the previous close.
China imported up to 212 million tons of crude oil during the first six months of 2017, adding 13.8% compared to the same period of the previous year, as customs data disclosed on Thursday, making China the world's number one oil importer ahead of the US.
The strong demand from China definitely relived worries of an everlasting fuel supply overhang.
On Wednesday, the Organization of the Petroleum Exporting Countries told that the world would require up to 32.20 million bpd of oil from its members in 2018, which is 60,000 bpd less compared to this year, as customers have raising choices of supply from outside the crude cartel.
On Friday, the leading precious commodity rallied, thus offsetting some of its weekly losses because Trump’s remarks about Fed rates and the evergreen buck put pressure on the US currency…
On Tuesday, metal prices kept sagging in the face of trade worries as well as a soaring evergreen buck…
On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…
In February, Japan's exports probably ascended at the fastest pace for two years due to a softer yen as well as improving global demand, as a Reuters survey showed on Friday…
On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…
On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…
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