Strong Chinese industrial output to drive crude oil prices higher

Be the First to Comment Read

Strong Chinese industrial output to drive crude oil prices higher

After registering a substantial gain in the starting session amid strong positive Chinese industrial news updates, Crude oil prices slipped in the final sessions on Monday.

  • Brent crude oil May delivery settled at US$68.88 per barrel, losing 34 cents whereas, WTI crude for April delivery lost 22 cents and settled at US$65.39 per barrel on Monday.
  • The benchmarks have registered incredible gains in 2021 amid ongoing production cuts.
  • China’s industrial output data has shown tremendous growth in January-February and has added heat to the ongoing crude oil price rally.
  • Earlier this month, OPEC and its allies decided to continue the production cuts in April month too, a move to stabilize the oil market by exhausting the previous supply gluts.

However, a parallel move around the globe to limit fossil fuel use and become carbon-neutral by 2050 is also undergoing. The UK is looking for options to ban new offshore O&G exploration licenses as a part of its pledge to green recovery commitments.


Speak your Mind

kalkine logo


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK