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Crude Oil Sees Decline Despite China’s Trade Growth, US Inventory Trends

by Arvie I
03/07/2024
in Global Trade, Import/Export Statistics

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Crude oil futures saw a decline in trading activity despite recent data indicating growth in China’s export and import trade activities for January and February. As of 9:54 am on Thursday, May Brent oil futures stood at $82.89, marking a decrease of 0.08 per cent, while April crude oil futures on WTI (West Texas Intermediate) were at $79.08, down by 0.06 per cent. On the Multi Commodity Exchange (MCX), March crude oil futures were traded at ₹6,547, reflecting a decrease of 0.80 per cent from the previous close, with April futures trading at ₹6,517, down by 0.79 per cent.

Data released by the General Administration of Customs of China revealed that China’s trade surplus expanded to $125.16 billion during January-February 2024, compared to $104.42 billion in the same period last year. Exports increased by 7.1 per cent during this period, while imports rose by 3.5 per cent, surpassing market expectations. Given China’s significant role as a major consumer of crude oil globally, the latest export-import data has implications for the commodity’s demand. Analysts are closely monitoring the situation, assessing the potential impact on crude oil prices in the coming weeks.

In contrast, data from the US Energy Information Administration’s petroleum status report indicated that the increase in crude oil inventories for the week ending March 1 was below market expectations. US commercial crude oil inventories saw a modest increase of 1.4 million barrels, slightly below the anticipated rise of 2.11 million barrels.

Additionally, total motor gasoline inventories decreased by 4.5 million barrels from the previous week, while crude oil imports in the US averaged 7.2 million barrels a day, reflecting a slight increase from the previous week.  In other commodity news, March lead futures on MCX experienced a slight increase, trading at ₹180.15, while on the National Commodities and Derivatives Exchange (NCDEX), April turmeric contracts saw a rise to ₹17,638, and April dhaniya futures were trading at ₹8,140. These developments in various commodity markets contribute to the overall landscape of global trade and economic activity, influencing investor sentiment and market dynamics.

Explore top supply chain news stories at The Supply Chain Report. Visit ADAMftd.com for free international trade tools.

#CrudeOilFutures #BrentOilPrices #WTIOil #MCXCrude #ChinaTradeData #OilMarketTrends #CommodityTrading #USCrudeInventories #GlobalOilDemand #EnergyMarketUpdate #ChinaExports #ChinaImports #OilPriceFluctuations #MCXTrading #CommoditiesMarket #OilDemandAnalysis #MarketSentiment

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