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Crude Oil Jumps as Market Sentiment Improves on China’s Data

September 4, 2019 at 16:35 by Vladimir Vyun

Futures for crude oil demonstrated big gains today. Market analysts pointed at the improving market sentiment as the likely reason for the rally. Traders were more optimistic today after a report showed that China’s services sector accelerated last month. China is the second-largest consumer and the biggest importer of crude oil, meaning that signs of robust growth of the Chinese economy are very positive to the commodity. Economists doubt, though, that China’s services sector will be able to maintain its robust growth if the US-China trade war continues.

The drop of the US dollar caused by the outlook for monetary easing from the Federal Reserve also contributed to the gains of crude oil.

Futures for delivery of WTI grade of oil in October jumped as much as 4.15% to $56.18 per barrel as of 16:29 GMT on NYMEX today. Brent crude for delivery in November rallied 4.09% to $60.64 per barrel on ICE. October contract for natural gas climbed 1.99% to $2.40 per million British thermal units on NYMEX.

If you have any questions and comments on commodities today, use the form below to reply.

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