Friday, 10 June 2011 15:00

China Assigns it!

The latest BP Statistical Review of World Energy statement declared China to be the world's leading energy consumer in 2010. However, such an over-exceeded energy consumption needs also a lot of fuel, and China outdid its last month's crude oil imports. But with this it also influenced the prices of oil.

As known, after the OPEC meeting in Vienna, the price of Brent and WTI increased fast. But right the next days the process has been stopped. On the one hand because of the unconventional dollar rate, on the other hand because of China's surplus stock. The expected surplus was from $11,4 billions $18,6 billions, but the results showed just $13,5 billions.

In contrast to the market balance, the crude oil import increased about 21%.The in May imported amount of 21,55 Million barrels of oil shows just a little difference, to April (21,54) but an extra of 21% to last year. However, even the export of oil contributes to this well going process.

All this lead again to unstable oil prices. The WTI is again decreasing, it's actual price $100,17. In contrast, Brent crude seems to show more positive signs. One barrel of the nordic fuel amount around $119.33 and it looks like it will be still going up.

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