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Oil rises following Chinese data Oil prices fall after Opec report
(about 8 hours later)
The price of oil edged up to more than $71 on Tuesday after recording three days of falls. Oil prices have fallen after producers group Opec said it now expected demand for its crude to decline further than predicted next year.
US light, sweet crude was up 46 cents to $71.06 a barrel, while in London Brent crude rose 34 cents to $73.84. Blaming the slow nature of the global economic recovery, Opec now expects demand for its crude to average 27.97 million barrels per day in 2010.
The rise was driven by figures showing record Chinese oil imports and refinery production which offset a mixed set of economic data. This is 480,000 barrels lower than its 2009 estimate and greater than the 380,000 fall it previously predicted.
Imports for the world's second largest oil consumer surged by 42% in July to a record 4.62 million barrels per day. US light crude was down 98 cents to $69.62 a barrel after the Opec report.
Strong demand London Brent was $1 lower to $72.50.
"We believe the July [crude imports] figure is not a fluke," said analyst Gordon Kwan of Mirae Asset Securities. 'Price pressure'
"The record number is driven by strong fuel demand and commercial restocking." Opec predicted global oil prices would fall further unless there was more indication that the world economy was improving.
With the pace of economic recovery looking brighter, traders are expecting positive statements on global demand from some key reports this week. The oil market continues to be defined by the tension between optimism over the perceived recovery of the global economy... and persistently weak global consumption of crude oil Energy Information Administration
The Energy Information Administration will release its world demand forecast when it publishes its August report later. "If market expectations for an economic recovery are not fully realised, current price levels could face increasing pressure," it said.
Opec will also release its monthly oil report on Tuesday, followed by the International Energy Agency on Wednesday. Oil prices had risen earlier on Tuesday after figures showed record crude imports by China, the world's second largest oil consumer. China's oil imports rose by 42% in July to 4.62 million barrels per day.
Oil prices peaked at a record $147 a barrel in July last year, before falling to about $30 at the start of 2009 due to the impact of the global recession. Separately, the US Energy Information Administration (EIA) cut its 2009 oil demand forecast on Tuesday.
It now predicts global consumption will fall by an average 1.71 million barrels per day this year, compared with its previous estimate of a 1.56 million barrel decline.
"The oil market continues to be defined by the tension between optimism over the perceived recovery of the global economy on the one hand and persistently weak global consumption of crude oil and other liquid fuels on the other," said the EIA.
Oil prices peaked at a record $147 a barrel in July last year, before falling to about $30 at the start of 2009 due to the impact of the global recession, from where they have since recovered to around $70.
The 12-nation Opec grouping produces more than a third of the world's oil.