Markets

Market Chatter: Brent Oil Rises to Nine-Month High on China

"Brent crude surged to a nine-month high in London while oil in New York rose after stronger-than-expected trade data from China signaled increased fuel demand in the world's second-biggest consuming country," Bloomberg reported.

It said: "West Texas Intermediate oil in New York trailed Brent's gain, boosting the European benchmark grade's premium for an eighth day. China's exports rose 25% in January from a year earlier and crude imports increased to the highest level in eight months, customs figures showed."

"Brent oil for March settlement gained $1.62, or 1.4%, to $118.86 a barrel on the London-based ICE Futures Europe exchange. WTI oil for March delivery rose 49 cents, or 0.5%, to $96.32 a barrel on the New York Mercantile Exchange. Prices are down 1.5% this week, after advancing 14% over the prior eight weeks."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities