The growth rate of industrial production and retail sales in China has accelerated, and unemployment has fallen.
World oil prices continue to rise and end the week with a confident increase on strong statistical data from China. This was confirmed by the trading data on Friday, September 15.
Thus, Brent oil for November delivery on the London ICE Futures exchange rose another $0.77 (+0.82%) – to $94.47 per barrel. On Thursday, the price of these contracts rose by $1.82 (2%) to $93.7 per barrel, the highest since November 15 last year.
In turn, futures for WTI oil for October delivery on the New York Mercantile Exchange rose $0.83 (+0.92%) to $90.99 a barrel. According to the results of the previous trade, the price of these contracts increased by $1.64 (1.9%) to $90.16 per barrel, the highest value since November 7.
China’s industrial production and retail sales growth rates rose in August, while unemployment fell, according to data from China’s National Statistics Office (NSA).
Industrial production last month rose 4.5% year-on-year, the highest since April. Retail sales rose 4.6%, with their growth being the most significant since May. The growth rates of both industrial production and retail sales in August exceeded market forecasts.
We remind you that since the beginning of this week, Brent and WTI have added about 4% amid fears of a reduction in oil supply due to the continuation of voluntary production restrictions by Saudi Arabia and Russia until end of this year.
Therefore, the International Energy Agency (IEA) predicts a deficit in the oil market in the fourth quarter of this year.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.