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Page added on May 10, 2015
China likely to raise oil prices
China is likely to raise gasoline and diesel retail prices in the domestic market after a rising trend of global prices.
Analysts predicted the guide prices will be lifted by over 200 yuan (around 33 U.S. dollars) per tonne, marking the third consecutive rise.
The change is expected to be announced on Monday by the National Development and Reform Commission, China’s top economic regulator. According to China’s oil pricing mechanism the price can be changed every 10 working days should there be a substantial price change in the global market.
Prices in the European and American markets fluctuated in the past week. The light, sweet crude rose slightly to around 60 dollars a barrel on the New York Mercantile Exchange, while Brent slipped mildly to around 65 U.S. dollars.
A report by 315i.com, a commodity information website, forecast demand will edge up in the coming weeks and summer, the traditional peak season for oil consumption.
The price of sweet crude will climb to 60 to 65 U.S. dollars per barrel, while Brent crude will stood between 68 to 72 U.S. dollars in the next week, the report said.
2 Comments on "China likely to raise oil prices"
Davy on Sun, 10th May 2015 7:11 am
Hopium and marketing by governments and industry will be promoting high oil prices. The reality is broad based demand and supply growth issues. These are foundational issues that cannot be substituted away. Technology is not going to come to the rescue. Efficiencies and innovations will be crowed about for propaganda purposes.
The latest reality is the market makers playing their games. It reflects market structure activities. Companies have hedges, shorts, longs, and mischief to work through. We are going to see this corrupted manipulated market do strange things in regards to reality. When markets are in a bull market bubble then efforts are at growth regardless of reality.
joe on Sun, 10th May 2015 10:29 am
Interesting, would have thought a cut would increase demand and thus global price. Can anyone say peak demand?