Oil prices on Wednesday, October 13, grew significantly. Supporting quotations have news about the increase in oil imports in China and improving the International Energy Agency (IEA) forecasts global demand for "black gold". Positive impact on the dynamics of the market and had a further weakening of the dollar.
Following the auction on Wednesday, October 13, at the New York Mercantile Exchange futures price for WTI crude oil for November delivery rose 1.34 dollars - up to 83.01 dollars per barrel. At the InterContinental Exchange in London November contract for Brent Crude grade went up by 1.14 dollars, closing at 84.64 dollars per barrel.
On the eve of the oil market was dominated by optimism about the future prospects of the global demand for raw materials, supported by two unexpectedly good news. So, according to the General Administration of Customs of China, in September, oil imports into the country reached a record high - 5.67 million barrels. per day, which represents an increase of 35% compared to the same period last year. It follows from these organizations, the reason for increasing steel demand and load factor of China's oil refineries.
"Despite all the fears of an impending economic slowdown, China continues to present surprises - analysts said Barclays Capital. - In fact, the key balance of world oil demand is quickly tilting in China. The role of this country in the oil market is no longer simply totemic. "
Another positive news on the eve was the increase in assessment of world oil demand by the International Energy Agency. According to a review of the organization in 2010 and 2011. oil consumption will grow by 2.15 million and 1.22 million barrels. per day, respectively. This is 0.3 million barrels. per day compared with the previous forecast for the current and for next year.
"News about the global demand for oil continues to give cause for astonishment, - noted in the review at Barclays Capital in connection with this. - It seems that the fact that demand for oil, which occurred in the past few months, has received wide recognition." Indeed, in a positive direction forecast for this week revised as OPEC and the U.S. Department of Energy (US Department of Energy). Analysts estimate the cartel increased oil consumption in the world in 2010. by 80 thousand barrels per day. - Up to 85.59 million barrels., While the Energy Ministry has increased the forecast for the current year to 0.11 million barrels. per day - up to 86.06 million barrels. a day, and for 2011. - By 0.8 million barrels. per day - up to 87.44 million barrels.
