Asia Bizz: Oil Price Touch $83 As China Crude Oil Imports Jump Last Month
Oil prices have touched $83 globally as China’s crude oil imports have touched a new high last month. And on the other hand with the risen price of the oil in the market, and the dollar is weakening than ever before, so investors are showing no interest in investing into commodities. The crude oil prices increased by $1.07 and touched $82.74, which is little lower than last weeks five month high record of $84.
Latest data has showed that China’s imports of Crude oil has jumped by 35% last month, surpassing US and now being the largest energy consumer in the world. China was showing signs of overtaking US in the energy market prior to this, but one of the main causes that US has been left behind is because of its horrible economic situation.
The dollar was down by 0.3% and this has become a strong concern among experts in the market, as the dollar is also considered an international currency. Gold on the other hand touched a new high at 1357.8/ounce, which is directly inverse with the dollar rate climb, and can also contribute to become an important factor for halting the development of the economy.