Oil price reaches 2019 high
Steady economic growth in China and a fall in US crude stocks are partly behind the jump
London — Brent oil hit a 2019 high above $72 a barrel on Wednesday, propelled by steady economic growth in China and a fall in US crude stocks, which defied expectations and signalled firm demand, while global supply remained tight. International benchmark Brent crude futures were up 28 US cents, or 0.39%, at $72 by 9.10am GMT, having hit an intraday peak of $72.24. US West Texas Intermediate (WTI) crude futures were at $64.39 per barrel, up 34c or 0.53% and just shy of a 2019 high of $64.79 hit last week. China's economy grew by 6.4% in the first quarter, official data showed, defying expectations for a further slowdown and assuaging global markets as a US-China trade deal also appears near. Refinery throughput in China — the world's second-largest crude user — rose 3.2% in March from a year earlier to 12.49-million barrels per day (bpd). "The demand side of the equation got a substantial fillip via today's China data suggesting prices will continue to move higher on improving glob...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.