10:47 AM
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With China's exports climbing in January by 25%, and imports
registering a jump of 28.8%, global crude oil futures at one point
climbed 0.4% trimming the first weekly decline in 9 weeks.
“This is the strongest showing of China’s export growth since last April and bodes well for China’s demand growth for energy going forward,” said Gordon Kwan, the head of energy research at Mirae Asset Securities Ltd. in Hong Kong to Bloomberg.
“We continue to forecast a sustained high oil price.” he added.
Brent futures for delivery on March 13 was seen trading at $117.83 a barrel, a gain of $0.55 or 0.47% as of 10.15 AM IST. WTI crude oil futures for delivery on the same date was seen trading at $96.08 a gain of $0.26 or 0.27% as of 10.16 AM IST.
Meanwhile, China’s crude oil demand is estimated to grow by 5% in 2013, backed by a solid economic recovery and the addition of new refining capacity, said recent market outlook from London based Barclays.
Manufacturing activities have gained pace in recent months, which have led to a recovery in auto sales and miles driven, stated a
Seasonal and one off factors have amplified the recovery in Q4 12, as refiners increased runs to build cover ahead of the holidays, all the more necessary owing to the very cold weather.
On India's MCX, crude oil for delivery on February 19 was seen trading at Rs.5150 a gain of 0.33% as of 10.07 AM IST.
However, global crude oil futures will remain tight in the first quarter as per Goldman Sachs analysis.
“This is the strongest showing of China’s export growth since last April and bodes well for China’s demand growth for energy going forward,” said Gordon Kwan, the head of energy research at Mirae Asset Securities Ltd. in Hong Kong to Bloomberg.
“We continue to forecast a sustained high oil price.” he added.
Brent futures for delivery on March 13 was seen trading at $117.83 a barrel, a gain of $0.55 or 0.47% as of 10.15 AM IST. WTI crude oil futures for delivery on the same date was seen trading at $96.08 a gain of $0.26 or 0.27% as of 10.16 AM IST.
Meanwhile, China’s crude oil demand is estimated to grow by 5% in 2013, backed by a solid economic recovery and the addition of new refining capacity, said recent market outlook from London based Barclays.
Manufacturing activities have gained pace in recent months, which have led to a recovery in auto sales and miles driven, stated a
Seasonal and one off factors have amplified the recovery in Q4 12, as refiners increased runs to build cover ahead of the holidays, all the more necessary owing to the very cold weather.
On India's MCX, crude oil for delivery on February 19 was seen trading at Rs.5150 a gain of 0.33% as of 10.07 AM IST.
However, global crude oil futures will remain tight in the first quarter as per Goldman Sachs analysis.
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