Oil rallies on China import boost, Mideast tensions

Oil rallies on China import boost, Mideast tensions

Oil rallies on China import boost, Mideast tensions

Oil has risen five of the past six weeks on signs that self-imposed supply limits implemented by the Organization of Petroleum Exporting Countries and allied producers such as Russian Federation are gradually draining a surfeit that has weighed on prices for more than three years. U.S. West Texas Intermediate (WTI) crude was at $51.41 per barrel, up 81 cents from its last settlement.

Angola's oil output recorded a further drop in September, albeit of just 2,900 barrels per day, but widened the gap in relation to Nigeria, which remains the main oil producer in Africa, the Organisation of Petroleum Exporting Countries (OPEC) said. Prices are up 4.4 percent this week. Imports averaged 8.5 million bpd between January and September, solidifying China's position as the world's biggest oil importer.

Brent, the global benchmark, rose 52 cents, or 0.9%, to $56.77 a barrel.

"We woke up with the strong data from China".

"The market is relieved that the U.S.is not going to pull out of the Iran nuclear deal today and they will instead kick the can down the road", said Phil Flynn, senior energy analyst at Price Futures Group in Chicago. "That's on the supportive side", said Olivier Jakob, managing director of oil consultancy PetroMatrix.

Kwon bids adieu to Samsung Electronics Empire, says time for young leadership
Choi Gee-sung, Samsung's chief executive and president at the company's digital media division, also resigned earlier this year. Kwon joined the company in 1985 as a researcher of the company's Semiconductor Research Institute in the United States.

China's huge imports have been strongly driven by purchases for its strategic petroleum reserves.

As Oil Price writes in the article Draw In Crude Inventories Lifts Oil Prices, EIA's report could reinforce oil price optimism, especially now that oilfield operators in the Gulf of Mexico are returning to normal operation after shutting down 92 percent of production capacity because of Hurricane Nate. Instead, he gave the U.S. Congress 60 days to decide whether to reimpose sanctions.

Prices were also supported Friday by concerns that political developments in Iran and Iraq could reduce the global oil supply. At least 6,000 Kurdish fighters have been deployed in the oil-rich Kirkuk province following "threats" of attack from Iraqi forces, media network Rudaw reported.

The oil price rose Thursday, on evidence production and inventories in the United States fell again, while data from China underscored strong demand for the commodity.

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