Crude oil rebounded on Thursday, boosted by China'

2022-08-08
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Boosted by China's manufacturing data, crude oil rebounded on Thursday

crude oil futures rebounded on Thursday after falling for three consecutive days, boosted by China's manufacturing data

the HSBC China Manufacturing Purchasing Managers' Preview index (PMI) rose to 50.1 in August and the final value in July was 47.7, indicating the expansion of China's manufacturing industry and easing market concerns about the potential slowdown in crude oil consumption

it is expected that China, the world's second largest oil consumer after the United States of America, is expected to account for 40% of the global oil demand growth of 900000 barrels per day expected by the International Energy Agency this year

p Phil Flynn, a broker and analyst at Rice futuresgroup in Chicago, said that to make this little sock a good one, China's manufacturing data were optimistic, indicating that oil demand was improving

the settlement price of light sweet crude oil futures contract for October delivery on the New York Mercantile Exchange rose $1.18, or 1.1%, to $105.03 a barrel. This is the largest price and percentage increase since August 9

the settlement price of Brent crude oil futures contract for October delivery on the London intercontinental Futures Exchange (ice) rose 9 cents to $109.90 a barrel

analysts believe that the buying interest in the market also stems from investors' renewed attention to the positive U.S. crude oil inventory data. The positive crude oil inventory data released on Wednesday was covered up by the minutes of the July policy meeting released by the Federal Reserve. Official data show that the U.S. crude oil inventory has decreased by 35million barrels in the past eight weeks, and the inventory in the latest week has decreased by 1.4 million barrels to 359million barrels, which is the lowest inventory level since the end of August 2012. The mechanical properties of the bolts of refined fasteners need to be tested. The experimental items include: strong demand from the factory

data released by the US energy information administration on Wednesday also showed that refiners unexpectedly increased crude oil processing to a nine-year high in the same period of previous years, processing 15.85 million barrels of crude oil per day

data from the US energy information administration also showed that gasoline inventories fell by 4million barrels, while analysts expected gasoline inventories to fall by 1.3 million barrels. Gasoline inventories fell to the lowest level in three months, as imports fell, while demand increased slightly to 9.2 million barrels per day, an increase of 1.3% over the same period last year

the settlement price of rbob gasoline futures contract in September rose 2.71 cents to $2.9648 per gallon, the largest increase since August 14. The settlement price of heating oil futures in September fell 0.69 cents to $3.0699 per gallon, the lowest since August 14

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