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Strong China demand boosts oil prices, showing declining U.S. crude supply

Monday, with the help of strong refinery demand from China, the price of oil was boosted. Brent crude futures rose at $49.10 per barrel, which is up by 0.4% or 18 cents from their last close. The United States West Texas Intermediate crude futures were trading at $46.70 a barrel, which is approximately increased by 0.3% or 16 cents.

The crude price boost is one of the definite results that show the current United States crude supply slowdown. Jeffrey Halley of futures brokerage OANDA in Singapore said that slowing pace of increases along with the massive drawdowns last week on both official crude record numbers from the United States, probably explains the positive sentiment in general at the moment.

British Pound Sterling rose to 10-month high against the greenback

The British pound sterling has hit its highest point on Friday, a massive 10-month high against the declining U.S. dollar. The British pound rose as high as $1.3088, this is after United States consumer sentiment survey came in worse than what is forecasted. The British pound has taken some support from round of aggressive signals from the Bank of England’s policymakers last week, which makes some markets look out for an upcoming increase in interest rates next month. 

In addition, Stephen Gallo, a strategist with Canada’s Bank of Montreal in London said that it’s too early for the market to measure whether the Brexit talks are going to go one way or another. He said that—with regards to further pound sterling gains, there will be a lot of resistance around $1.32-1.33

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