Oil prices rose on Monday following news China plans to ship large volumes of U.S. crude in August and September, which outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant/File Photo
Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of U.S. crude for August and September, Reuters reported on Friday, as China ramped up energy and farm purchases ahead of a review of the Sino-U.S. trade deal. “Oil demand data was largely positive last week, with U.S. implied gasoline demand rising to just 3.5% away from pre-coronavirus levels and China’s processed crude oil figure in July at a record high,” said Howie Lee, an economist at Singapore’s OCBC bank.
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