Oil prices rose on Monday as China’s plans to ship in large volumes of U.S. crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and a...
Oil prices rose on Monday as China’s plans to ship in large volumes of U.S. crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.
Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of U.S. crude for August and September, Reuters reported on Friday.Record crude imports from the world’s top importer and the easing of COVID-19 restrictions globally have supported oil prices. “Oil demand data was largely positive last week, with U.S. implied gasoline demand rising to just 3.5 per cent away from pre-coronavirus levels and China’s processed crude oil figure in July at a record high,’’ said Howie Lee, an economist at Singapore’s OCBC bank.
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