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Oil Prices To Rise On Strong Oil Demand

Oil Prices To Rise On Strong Oil Demand

Friday March 9, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Oil demand picking up

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- The Baltic Dry Index, which measures freight costs, is about 25 percent higher than a year ago, according to Bloomberg. The index can be interpreted as a proxy for global trade, and offers a bullish indicator for commodities.
- Oil demand could end up being “way in excess” of last year’s lofty levels, according to Saudi oil minister Khalid al-Falih.
- Part of the reason for strong oil demand is robust global trade, which the IMF sees expanding by 4 percent for three consecutive years through 2019, the strongest stretch in over a decade, according to Bloomberg.
- “Global synchronized economic growth -- across developed and emerging markets -- is driving a notable uptick in manufacturing and trade, boosting construction and freight movements which look to be behind renewed growth in diesel demand, after several years in the doldrums,” said Eric Lee, an analyst at Citigroup Inc.
- Trade tariffs, which could spark a bout of protectionism, could put this run of trade growth in jeopardy.

2. China seeks to dominate clean energy

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