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Hazloc Heaters
Hazloc Heaters

Brent Oil Erases Gains With Rising Dollar Offsetting China Data

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These translations are done via Google Translate
(Bloomberg) Brent oil erased gains as the dollar rose, even as Chinese trade data added to positive economic signs emerging from key energy users.

Crude in London held steady, after earlier climbing as much as 0.8%, with the dollar’s gain making commodities priced in the currency less attractive.

Still, growth in Chinese exports last month suggests strong demand for goods in the U.S. and Europe. The country’s overall imports also surged, with crude purchases climbing to a five-month high, pointing to a revival in Asia’s biggest economy following a recent wave of Covid-19 infections.

“The good news is that Chinese exports expanded at an unexpected pace in August,” said Tamas Varga, an analyst at oil brokerage PVM Oil Associates. “The question is how long the delta variant will weigh on demand forecasts.”

Brent crude has fluctuated above $70 in recent sessions

The fast-spreading delta variant has raised demand concerns in recent weeks, though China was able to swiftly contain its latest outbreak. There are expectations that the market will tighten over the rest of 2021, with the Organization of Petroleum Exporting Countries and its allies deciding last week to keep boosting supply on a bet that the recovery will accelerate.

  • Brent for November settlement slipped 14 cents to $72.08 a barrel at 11:39 a.m. in London, after falling 1.1% over the past two sessions
  • West Texas Intermediate for October delivery lost 74 cents from Friday’s close to $68.55 a barrel
    • There was no settlement on Monday due to a U.S. holiday

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