The oil grows in price within the correction

The oil grows in price within the correction


In the morning the cost of the November futures for North sea Brent blend rose 48,94 per barrel. The price of light WTI oil increased to 46,67 USD per barrel. Before the price of oil fell because of reports of slow pace of growth of China’s economy.

MOSCOW, 20 Oct. Oil prices on Tuesday demonstrated weak positive dynamics within the correction after a decline yesterday amid reports from China, according to AFP.

As at 10.22 Moscow time the cost of the November futures for North sea Brent blend has grown on 0,67% — to 48,94 per barrel. The price of light WTI oil increased by 0.84 percent, to 46,67 USD per barrel.

The growth of China’s GDP in the third quarter in annual terms it stood at 6.9% vs. 6.8%. Despite the fact that the rate was better than analysts ‘ forecasts, the growth of the economy still shows the slowest pace since 2009. Besides the country’s industrial production in September rose yoy by 5.7% against the forecast of 6%. In August the growth was of 6.1%.

Data from China raised fears among the investors for the demand for “black gold” is the second largest consumer of oil and led to lower prices on more than 3%. However, on Tuesday the price of oil has resolved to the upside, as traders began to take short positions.

“Short positions have led to little growth,” said Reuters market analyst by optionsxpress in Sydney Ben Le Brun (Ben Le Brun).