Morning:
14°c
The price of oil ended three days of consecutive falls to rise above $73 today, after figures showed China imported record volumes last month.
London Brent crude edged up 24 cents to $73.74, as the world's second-largest oil consumer said it bought 4.6 million barrels of oil last month — 18% more than in June.
The price was bolstered by separate data from the Saudi-led cartel Opec. Although it predicted a slowdown in demand next year, dropping 490,000 from this year's average to 27.97 million barrels a day, that was based on a spike in production by non-member oil producers, particularly Russia, rather than a general decline in demand for the commodity.
Analysts predicted oil demand will continue to rise. “We believe the July [crude imports] figure is not a fluke,” said Gordon Kwan of Mirae Asset Securities. “The record number is driven by strong fuel demand and commercial restocking.”
Figures last week showed a similar surge in demand in the United States, the world's biggest energy user. The US Department of Energy report said crude oil stockpiles rose by 1.7 million barrels in the week ending 31 July, three times more than analysts had predicted.
Oil peaked at a record $147 a barrel in July last year, before falling to $30 at the start of the year.
