InfoQuest – West Texas Intermediate (WTI) crude oil contract The New York market closed positive on Thursday (May 9) after the US revealed that crude oil stocks fell more than expected. and China imports more crude oil This indicates a recovery in demand for oil in the United States and China, the two countries that consume the highest crude oil in the world.
The WTI crude oil contract will be delivered in June. rose 27 cents, or 0.3%, to close at $79.26/barrel.
The Brent crude oil contract (BRENT) will be delivered in July. rose 30 cents, or 0.4%, to close at $83.88/barrel.
China’s General Administration of Customs (GAC) said April exports rose 1.5% year-on-year. This is in line with analysts’ predictions. with China’s export sales recovering After falling 7.5% in March.
China’s imports rose 8.4% in April, exceeding analysts’ expectations for a 4.8% increase China’s trade surplus rose in April to $72.35 billion. This is an increase of 58.55 billion dollars from March.
GAC also said China imported 44.72 million tonnes of crude oil in April. or approximately 10.88 million barrels per day which increased by 5.45% compared to the same period last year.
China’s data indicates growing demand both domestically and abroad.
On the US side the US Energy Information Administration (EIA) said US crude oil stocks fell by 1.4 million barrels last week. That’s just 1.1 million barrels more than analysts expected to fall.
While the US Department of Labor revealed that initial claims for unemployment benefits rose by 22,000 to 231,000 last week. This is the highest level for more than 8 months or since August. 2023 and above analyst estimates of 215,000.
The data is further evidence that the US labor market is starting to cool. Analysts predict that a slowdown in the labor market could lead the Federal Reserve to cut interest rates twice this year, which would help reduce borrowing costs. and it is a factor that drives the economy and the demand for oil
Investors continue to keep an eye on the tense situation in the Middle East. Most recently, US President Joe Biden warned that the United States will stop the delivery of weapons to Israel. If the Israeli army attacks Rafah in the Southern Gaza Strip While the Prime Minister of Israel, Benjamin Netanyahu said: No pressure will stop Israel from defending itself. and achieve war objectives
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