On Monday, 08th August, oil prices had risen up by 2% in volatile trading, bouncing off several month lows that hit the previous week.
This sudden spike in global oil prices comes directly from positive economic data from both the United States and China, reports Reuters.
Brent crude futures sat at USD1.73 (a 1.8% rise) at USD96.65 per barrel, US West Texas Intermediate reports a USD90.76 a barrel, up by USD1.75 (a 1.97% bump).
This reverts previous weeks price drop by 13.7% amid economic recession. Global reports confirm this was the lowest drop since February of this year, and Brent’s biggest weekly plummet since April 2020.
China, on Sunday, 07th August, relayed faster-than-anticipated growth in oil exports. The world’s top crude importer, brought 8.79 million barrels per day in July. This is a surge from a four-year low in June, but still 9.5% less than 2021.
Europe indicates flow of Russian oil product and crude exports remain in steady flow, ahead of a looming embargo from the European Union.