Oil Prices Rose, Ending Longest Decline Over the Years
Oil rose on Thursday, ending the longest decline over the years, as traders bet on declines over several weeks.
Brent crude oil futures rebounded slightly after a 28-day losing streak, the longest decline since 2010. U.S. crude oil futures rebounded after 29 losing streak, the longest decline since the end of 2009. Traders said earlier as empty oil market traders short covering to keep the profit.
Since the beginning of June rose, oil prices fell more than 5 percent cumulative over the past three weeks, due to geopolitical tensions in Iraq and Libya, mitigation, so that the oil supply concerns eased.
Brent crude futures rose $ 0.39 to close at $ 108.67 a barrel, after hitting a low of $ 107.76 since May 9.
U.S. crude oil futures closed up $ 0.64 at $ 102.93 a barrel, after hitting a low of $ 101.55 since May 16.
Although Iraq's oil supply worries ease suddenly disturbed, but traders remain cautious. On Thursday, troops loyal to Prime Minister Nouri al-Maliki and Sunni insurgents finghting troops invaded north east of Baghdad a military base unit.
Libya's oil production to 350,000 barrels per day, due to increased oil production in El Sharara. ButLexperts said the oil recovery to full capacity will take several months, and the country may occur more riots.
U.S. stocks rebounded from the day's low support prices to some extent.
The world's second largest consumer of Chinese customs data show that the first half of this year, oil imports increased by 10.2%. Analysts attributed this to rising inventories.
Investors expect the Chinese government will launch more stimulus measures to support economic growth, which could boost demand for fuel in the country.
Petroleum Exporting Countries (OPEC) is expected, despite the growth in global demand, but the organization's share of the global oil market in 2015 will be a third consecutive year decline. In its monthly report, OPEC forecast first given in 2015, said the 2015 global oil demand forecast for the organization expected to average 2,937 barrels per day, compared to 2014 fell 31 million barrels.
