¶ Oil rises with override concerns about satiety and China
Singapore (Reuters) -
Oil has recovered on Tuesday as the oldest traders to cover short positions after prices fell at least three percent in the previous session, but concerns about oversupply and durability of the global economy limited the crude gains. Brent crude December delivery ten cents to $ 48.71 a barrel after falling to $ 1.85 equivalent to 3.7 percent in the settlement of the previous session.
Rose US crude November delivery 14 cents to $ 46.03 after it came down to $ 1.37 equivalent to three percent in the last adjustment.
And ending decades November Tuesday.
said Ben Le Brun analyst market in the option Express in Sydney: «cover short positions led to a slight rise».
But concerns about the increase Iran's crude output when the lifting of international sanctions imposed on it in addition to the weak economic growth in China's second the largest economy in the world pressed on the markets, according to Le Brun.
Iran plans to increase crude output
by 500 thousand barrels per day within a week of the lifting of sanctions imposed on it according to the
transfer on the lips of a senior Iranian official on
On the other hand, slowed GDP growth the total for China to 6.9 percent in the second quarter compared to seven percent in the previous quarter at a time when demand for oil fell, according to what
showed official data and the data told Reuters on Monday.
This comes at a time is likely that the volume of US stocks of crude rises the fourth week respectively after a 3.7 million barrel increase last week to 472.3 million barrels, according to a preliminary Reuters survey was conducted ahead of the release of official data for the sector released on Monday. Investors were also awaiting the results of a technical meeting of experts from the oil «OPEC» and the organization from outside the organization on Wednesday in addition to the results of the ECB meeting and the statements of the manufacturing sector in China later this week.
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