:: Market News --- ID :: 14578
crude today: Oil prices bounced little higher.
heading for second weekly loss

By Srinivas Chowdary Sunkara // petrobazaar // 8-12-2017.

Crude oil prices have moved higher today on growth in Chinese crude imports. Threat of workers strike in Africa's largest importer, Nigeria helped the prices to stay on. However it looks like that strike called off after workers met the oil minister. Oil prices have been volatile for last couple of days on mixed news and heading towards second weekly loss continuously. 

Chinese trade activity data was released and upbeat demand will push China ahead of the U.S as the world's biggest crude importer this year. Global economy is looking healthy as the Japanese GDP also came out higher than expected. The weekly oil rig count from Baker Hughes is due to release today. all eyes are on U.S rig activity as the numbers are getting increased for last 3 of 4 weeks.

WTI and Brent Price today

The U.S crude oil prices advanced with above $1 with an increase of 1.782% while Brent oil prices are boosted by above $1 with 2.251% upward move at the time of reporting by 10:22 P.M IST.