{"id":49176,"date":"2017-12-28T14:15:09","date_gmt":"2017-12-28T14:15:09","guid":{"rendered":"http:\/\/www.bnreport.com\/oil-prices-surge-on-strong-china-data\/"},"modified":"2017-12-28T14:15:10","modified_gmt":"2017-12-28T14:15:10","slug":"oil-prices-surge-on-strong-china-data","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/oil-prices-surge-on-strong-china-data\/","title":{"rendered":"Oil prices surge on strong China data"},"content":{"rendered":"

Oil prices have surged to near mid-2015 highs, with Brent crude and WTI trading at levels they haven't reached in more than two years.<\/p>\n

Global benchmark Brent crude rose to $66.68 per barrel in early trading, while its US counterpart is inching closer to the $60 mark, trading at $59.82.<\/p>\n

Traders put the higher prices down to China releasing strong import quotas for 2018, which could lead to another record for purchases by the world\u2019s biggest importer.<\/p>\n

The oil market has also been helped by 12 months of OPEC and Russia-led production cuts<\/a>, which are set to continue throughout next year<\/a>.<\/p>\n

Pipeline outages in Libya and the North Sea have also been supporting oil prices.<\/p>\n

\u201cGiven the much stronger price response to supply disruptions in the wake of OPEC supply cuts, the market is poised to make further gains,\u201d said Stephen Innes, head of trading for Asia\/Pacific at futures brokerage Oanda.<\/p>\n

\u201cWith geopolitical risk no less sure ahead of Libyan elections next year, we should expect more regional chaos and disorder to underpin oil prices."<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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CityAM<\/a><\/h5>\n

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The post Oil prices surge on strong China data<\/a> appeared first on News Wire Now<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices have surged to near mid-2015 highs, with Brent cr..<\/p>\n","protected":false},"author":1,"featured_media":49177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-49176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nOil prices surge on strong China data - Business News Report<\/title>\n<meta name=\"description\" content=\"Oil prices have surged to near mid-2015 highs, with Brent cr..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/oil-prices-surge-on-strong-china-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices surge on strong China data - 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