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Oil rises to 2019 the highest values ​​for strong demand in China despite slowing economic growth



© Reuters. Oil prices rose to its highest levels in 2019 on Monday after data showed China refineries' processing, the world's second largest oil consumer rose to a record in 2018 despite slowing economy last year.

Prices are further backed by supply cuts led by the Organization of Petroleum Exporting Countries (OPEC), analysts say. or 0.4% since their last closing. Brent earlier rose above $ 63 for the first time in 2019

United States. The crude futures of West Texas Intermediate (WTI) () were $ 54.05 a barrel, which is 25 cents or 0.5 per cent. For the first time this year, WTI has risen above $ 54 a barrel. 1

2.12 M Barrels a day, 6.8% more than the previous year.

Strong data on oil demand come despite the slowdown in China's economic growth in 2018 to the weakest in 28 years, at 6.6% compared to 6.8% in 2017

Although the slowdown was in line with expectations and not as sharp as some analysts expected, the cooling of the world's second largest economy casts a shadow over global growth.

"The global outlook remains cloudy, despite the positive results of the Deutsche Fed (now increasing US mortgage demand), the faster Chinese relief (the stabilization of Chinese credit) and the more permanent US-Chinese truce," said the US bank note JP Morgan

OPEC's cuts are likely to support crude oil prices

"Brent could stay above $ 60 a barrel under OPEK +, the expiration of Iran's release and a slower rise in oil prices. production in the United States, "said JP Morgan.

Bernstein Energy researchers said supply cuts led by OPEC would bring the market back to supply shortages for most of 2019, and this should cause prices to rise to $ 70 per barrel before the end of the year

In the United States, energy companies have cut the number of oil wells by 21 in the week to January 18, with a total count of 852, the lowest level since May 2018.

This is the largest drop since February 2016, as drills responded to the 40 percent lower prices of crude oil in the US late last year.

However, the production of US crude oil has still risen by more than 2

Since the cost of heavy goods vehicles is slowing down, the pace of growth last year is unlikely to recur in 2019 although most analysts expect annual production to reach an average of over 12 million barrels a day, turning the United States into the world's largest oil producer before Russia and Saudi Arabia.

GRAPHICS: Number of Oil Facilities in the US – https://tmsnrt.rs/2N4pWMw[19659016)! , m, s)
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