The North American West Texas Intermediate (WTI) crude was seen trading higher on Wednesday after reports from China showed that the country’s economy was growing at a slower pace, while the escalating tensions in Ukraine continues to remain in focus.
WTI crude for May delivery climbed 0.19% higher to $103.95 at the time of writing on the New York Mercantile Exchange. At the same time the European benchmark Brent crude for June settlement dropped 0.06% lower to stand at $109.30 a barrel on the London-based ICE Futures Europe exchange.
China GDP
Fresh data from the National Bureau of statistics released on Wednesday showed that China’s economy was expanding at the weakest pace, climbing by 7.4% in the January to March quarter, compared to analysts estimates of 7.3% and lower than the previous quarter figures of 7.7%.
China, the world’s second-biggest oil consumer is forecasted to account for approximately 11% of global demand this year, while the US is expected to account for 21%, according to reports from the International Energy Agency in France.
Escalated Tensions in Ukraine
Following the escalated crises over the weekend, officials from the Western nations and Russia continue to accuse each other over the violence. The US President Barack Obama issued another warning against Russia that any further intervention in Ukraine would cause tougher consequences, as the EU and the US prepare to issue further sanctions against the country.
According to the North Atlantic Treaty Organization, Russia has about 40,000 troops along Ukraine’s border after its annexation of Crimea last month.
US Crude Inventories
Crude supplies in the US climbed by 7.6 million barrels in the week ending April 11, rising above analysts’ estimates of 2.3 barrels, according to reports from the American Petroleum Institute (API).
A separate weekly oil report is expected to be released by the Energy Information Administration later in the day, with forecasts of a rise for the twelfth time in thirteen weeks.
Gasoline inventories are predicted to have fallen by 1.75 million barrels, while distillate supplies, including heating oil and diesel, probably remained unchanged.
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