Crude prices were seen climbing on Thursday, boosted by the ongoing tension in Ukraine and the higher global demand for 2014, according to OPEC.
Gains were trimmed by concerns over China’s economy, following the release of the industrial output figures which came lower than expected. The report showed signs of the world’s second largest economy growing at a slower pace and dragged the North American crude below $100.
WTI crude for April traded 0.12% higher to $98.10 per barrel on the New York Mercantile Exchange at the time of writing. While the European benchmark Brent crude added 0.20% at $108.23 per barrel at the same time.
The tension between Russia and Ukraine over the Crimean region continues, as it prepares for a referendum on March 16 on splitting from Ukraine and joining Russia. While Ukraine’s Prime Minister Arseniy Yatsenyuk met with the US President Barack Obama and the western nations to discuss sanctions on Russia and the protection of Ukraine’s sovereignty and territory.
According to the monthly report released from OPEC, the organization increased its global oil demand growth for a second month in a row.
The reports revealed global crude demand will increase by 1.14 million barrels per day (bpd) in 2012, up from the previous forecast of 50,000 barrels per day.
Reports from the Energy Information Administration (EIA) released on Wednesday, revealed crude stockpiles increased by 6.2 billion barrels in the previous week, compared to analysts estimates of 2.2 million barrels.
While supplies at Cushing, the delivery point for WTI contracts, declined by 1.34 million barrels to 30.8 barrels.
Distillate stockpiles, including heating oil and diesel fell by 533,000 barrels to 113.9 million.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today
The post Crude Prices Climbs; OPEC Raises Global Outlook appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog