• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 19 hours "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 4 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 6 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 8 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others

Breaking News:

India Coal Crisis Is Far From Over

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Jumps 4% On Positive Chinese Economic Data

The bleak outlook on the overall global economy has combined with the trade war worries to pressure prices over the last few days, but today’s economic data that is just in from China have caused oil prices to surge on Wednesday afternoon.

At 12:17pm EDT, WTI crude was trading up 4.21% for a gain of $2.27 on the day, at $56.21 per barrel. Brent crude was trading at $60.68, up 4.15% for a gain of $2.42 per barrel.

The reason for the spike in oil prices was favorable economic data that came in from a private survey of China’s services sector, which showed that in August, it grew at the fastest rate in three months, which triggered a flurry of hiring activity to support it—the biggest increase in hiring in the sector in over a year.

China, a major consumer of crude oil, imported 10.64 million bpd in April—a new record for China. And its H1 imports of crude represented an 8.8 percent rise year over year, or 800,000 bpd. The growth here accounts for almost all of the world’s demand growth for the year, so it makes sense that all eyes are on China’s economic data as well as the trade war with the United States.

China’s August imports by its oil majors PetroChina and Sinopec increased 2.03 percent over July imports, which is larger than the increase seen in July of 1.25 percent. It is largely expected that the two oil majors will process even more crude oil this month, as refinery maintenance slows.

Oil prices are expected to react later today as well on API’s estimate on US crude oil inventories, and again tomorrow on EIA’s take on the inventory moves.

By Julianne Geiger for Oilprice.com

More Top Reads from Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News