Crude oil prices are rising on US demand for demand, China Stimulus Hope | Einsmark news

New Delhi: Global prices of crude oil rose higher on Friday, raised by signs of strengthening demand in the US and renewed hope of an economic stimulus in China-the world’s second largest oil consumer. At 08:00 (Indian time), the August Brent contract on the Intercontinental Exchange traded at $ 68.14 a barrel, by 0.61% higher than the previous closure. The August West Texas Intermediate (WTI) contract on the Nymex was $ 65.67 a barrel, with 0.66%. Data released on Wednesday by the US Energy Information Administration (EIA) showed a sharp withdrawal of 5.84 million barrels for the week ending June 20, which brought stock to their lowest seasonal level in 11 years. Analysts consider the decline as a clear sign of increasing demand in the US. Prices were also supported by optimism about policy stimulus in China. Beijing unveiled a set of guidelines on Tuesday aimed at increasing domestic consumption through targeted financial measures. The policy framework-which was jointly issued by six ministries and the People’s Bank of China-called financial institutions to improve credit access and services to stimulate both demand for demand for demand, to support employment and increase household income. China is both the second largest consumer and importer of crude oil worldwide. However, rough prices remain lower weekly, as the relief of geopolitical tension in the Middle East helps to make concerns. A ceasefire that mediated earlier this week between Israel and Iran led to a haven in prices, which rose after a US strike at three Iranian nuclear sites. After the ceasefire was announced by US President Donald Trump on Tuesday, prices dropped to the last seen before Israel’s attack on June 13. The Indian crude basket, meanwhile, priced at $ 68.12 a barrel on June 25. For the month so far, the average is $ 69.98 a barrel – higher than May’s average of $ 64.04. The Indian basket reflects a weighted average of imported sour degrees (Oman and Dubai) and sweet degrees (brent dated), which reflects the typical rough mixture processed by Indian refineries.