Oil price bounced back & crude exports of India touched a record


Crudeoil

12-07-2018 03:30 PM

Oil prices bounced back on Thursday morning, with Brent crude getting hold of more than $1 subsequent to its biggest one-day drop in two years in the earlier session.

Crude Oil was trading at $ 70.67 at the time of preparing this report.

Oil prices weighed on Wednesday on reports that Libya would recommence oil exports, while increasing U.S.-China trade worries also lifted fear about demand.

The Libya's National Oil Corp declared that four export terminals were being reopened and approved the return of almost 850,000 barrels per day of oil into the markets.

In the meanwhile, U.S. crude oil exports to India touched a record in June and so far this year is about double last year's total.

China's commerce ministry said in a statement that approximately midday on Wednesday that it was "shocked" by the newest U.S. trade action and recommended international community to work jointly against the trade bullying, while commenting on the actions "completely unacceptable”.  

The Organisation of Oil Exporting countries (OPEC) predicted earlier that global oil demand will cross 100 million bpd for the first time in 2019, but cautioned trade worries could unenthusiastically impact the market.

   
 
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