Crude prices climbed on Monday, rising to the highest in a week as China’s exports surpassed forecasts.
Futures for the North American West Texas Intermediate (WTI) for December delivery added 1.3% to $79.70 a barrel on the New York Mercantile Exchange. While the European benchmark Brent crude for December settlement traded $1.58 higher to $84.97 a barrel on the ICE Futures Europe exchanged based in London.
Global oil prices fell into a bear market last month after some of the largest producers in the Organization Petroleum Exporting Countries, including Saudi Arabia discounted crude supplies as the US increased output to the highest in more than 30 years.
The 12-member will likely not cut output at its upcoming meeting, which is scheduled for Nov 27 in Vienna, according to Kuwait’s Oil Minister Ali Al-Omair. OPEC produced 30.974 million barrels a day in October, compared to its target of 30 million, according to analysts.
China
A report from the National Bureau of Statistics showed that China’s shipments rose 11.6% from the previous year, compared to analysts forecast of 10.6%, while the country’s imports increased 4.6%.
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According to the International Energy Agency, china is expected to account for 11% of the world’s oil demand this year, while the US will account for 21%.
The turmoil in Libya, holder of Africa’s largest oil reserves, is seen easing as operations in El Sharara oilfields resumed production last week after gunmen returned the stolen equipment from the site, according to Mohamed Elharari, spokesman for National Oil Corp.
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