FXStreet (Mumbai) - WTI oil rebounded higher on Tuesday, after booking heavy losses yesterday, as upbeat Chine crude imports data and a weaker US dollar boosted the black gold prices.
WTI capped below $ 48
Currently, WTI rallies 1.17% to 47.66, losing sight of $ 50 barrier completely. Oil prices staged a solid comeback this session as the sentiment was lifted on the back of pick-up in oil demand from China as reflected by the country’s trade data released earlier on the day.
China's crude imports rose in September, with overseas purchases at 27.95 million metric tonnes. China oil imports from the January-September period rose 8.8% y/y to 249 million tonnes.
Moreover, OPEC’s monthly oil report published on Monday, which showed that the cartel expected higher global demand in 2015 while non-OPEC supply to fall in 2016, also helps the recovery in oil prices.
The surprise for me is: "China oil imports from the January-September period rose 8.8% y/y to 249 million tonnes".
Hopefully, this will continue to support SP of oil companies/explorers, like CVN from hereon.
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Last
16.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $286.2M | |||
| Open | High | Low | Value | Volume |
| 16.0¢ | 16.0¢ | 15.0¢ | $721.8K | 4.620M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 489032 | 15.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 16.0¢ | 247879 | 2 |
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| Last trade - 16.10pm 24/07/2024 (20 minute delay) ? |
| CVN (ASX) Chart |