Strong Chinese industrial output to drive crude oil prices higher

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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.

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