Crude Oil Prices surge in Asian Trade after China’s report on Economy
In early Asian trade on Wednesday, Crude oil prices continued to rise after China’s central bank announced it would support the economy.
As of 0019 GMT. U.S, Brent crude futures surge by $1.11 to $106.10 per barrel. Crude oil futures for West Texas Intermediate rose 84 cents, or 0.8%, to $102.54 a barrel.
Furthermore, in volatile trade, crude prices increased nearly 3% in the last trading session.
On Tuesday, China’s central bank said that it plans to set of prudent monetary policy for supporting its economy. On account of this announcement, crude oil prices increased in Asian trade.
As a result, Russian gas distributor Gazprom advised Poland’s PGNiG that it would cease gas deliveries along the Yamal pipeline from Wednesday morning. Gazprom said Poland will have to start paying its debts in accordance with a new scheme on Tuesday.
The record close for NYMEX ultra-low-sulfur diesel futures on Tuesday was achieved with a gain of more than 9%.
Wednesday’s supply report will include crude inventories compiled by the U.S. government. Last week, US crude and distillate stockpiles rose while gasoline inventories fell.