West Texas Intermediate for July delivery advanced 8 cents to $48.40 a barrel on the New York Mercantile Exchange at 11:39 a.m. in London. Total volume traded was in line with the 100-day average. The contract lost $1.34, or 2.7 percent, to close at $48.32 on Wednesday, the lowest level since May 12. Prices fell 2.1 percent last month. Brent for August settlement fell 4 cents to $50.72 a barrel on the London-based ICE Futures Europe exchange. The July contract expired Wednesday after dropping $1.53, or 3 percent, to $50.31. The global benchmark crude traded at a premium of $2.11 to August WTI. U.S. crude stockpiles have declined since hitting a record 535.5 million barrels at the end of March, according to EIA data. While inventories shrank, output has climbed to the highest since August 2015. Click Read More below for more of the story.
China’s crude oil output rose in August for the first time in nearly three years, data showed on Friday, climbing after President Xi Jinping called for a boost to national energy security amid trade tensions with the United States.
Monthly crude oil output hit 16 million tonnes, or 3.77 million bpd, up 0.2 percent from August last year and marking the first year-on-year increase in tonnes and barrels per day (bpd) since October 2015, according to the data from National Bureau of Statistics (NBS).
Year-to-date output was 125.95 million tonnes, down 1.8 percent from a year earlier. That equates to 3.78 million bpd.
more at source: https://www.reuters.com/article/us-china-economy-output-oil/chinas-crude-oil-output-climbs-for-first-time-in-nearly-three-years-idUSKCN1LU0C2