Brent oil prices open today’s trading session firm over $117 a barrel as the latest data from China suggests that demand for oil around the world remains strong, adding weight to yet higher oil prices.
Latest Brent Oil Price
In London, Brent crude oil futures for June 2011 delivery was trading at $117.71 a barrel, 06.30 GMT this morning on the ICE Futures Exchange.
China Oil Demand
Chinese crude oil imports in April were the third highest on record on a daily basis, up 1.7% on the year, Chinese officials said on Tuesday.
A sustained appetite for oil in China, the world’s largest energy user and the biggest single driver of world demand growth last year, could derail forecasts by economists that higher oil prices would destroy oil demand worldwide.
Brent oil prices started 2011 around $94 a barrel and have spent the last three months well above the $110 mark. Some analysts predict that oil prices could return to record levels later this year, with $150 still a possibility.
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Brent oil trading firm over $117 on China oil demand stats
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