Forexpros – Crude oil futures rose in Asian trading on Tuesday in wake of Chinese Premier Wen Jiabao commitments to spur more economic growth, which would hike demand for oil and fuels to motor expansion.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD93.19 a barrel, up 0.36%, off from a session high of USD93.30 and up from an earlier session low of USD92.86.
In China earlier, Premier Wen Jiabao said his government would follow a “proactive fiscal policy and a prudent monetary policy” that prioritizes growth, which sent oil climbing.
China is the world’s second-largest consumer of oil after the U.S. and has accounted for a good portion of the rising demand for crude and other commodities in recent years.
Leaders from the world’s Group of Eight leading industrialized countries have said recently they’ll do what it takes to keep Greece in the eurozone, which continued to boost oil prices in Asia on Tuesday, although tepidly thanks to a lack of policy details.
Still, stockpiles have been climbing in the U.S. which slowed gains.
On the ICE Futures Exchange, Brent oil futures for July delivery were up 0.05% and trading at USD109.36 a barrel, up USD16.17 from its U.S. counterpart.
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