Oil hits the highest level since the beginning of 2019

Editorial Date: 2019/1/21 12:11

(Reuters) – Oil prices rose to their highest level since the start of the year on Monday after data showed refinery consumption rates in China, the world’s second-largest crude consumer, jumped to a record last week despite a slowing economy.

Global Brent crude futures were $ 62.77 a barrel by 0726 GMT, up seven cents, or 0.1 percent, from the previous settlement.

Brent had earlier climbed above $ 63 a barrel for the first time since 2019.

US WTI crude futures were $ 53.92 a barrel, up 12 cents, or 0.2 percent. US crude earlier hit $ 54 a barrel for the first time this year.

The data released by China’s National Bureau of Statistics (NBS) on Monday showed crude oil consumption reached a record high of 603.57 million tons in 2018, or 12.1 million barrels per day, up 6.8 percent from the previous year.


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