Thursday, October 1, 2015

Oil Edges up on estimate of strong demand
Crude oil prices edged up in early Asian trading on Thursday as demand was estimated to have remained strong despite slowing economic growth in Asia, and as Russian and western air campaigns in Syria worried markets. Traders said that a political risk premium has re-entered oil markets over Syria, where Russia and the United States are both carrying on bombing campaigns without coordination, triggering fears of unintentional clashes.

"US markets are also seeing a first impact of that hurricane heading America's way and we've seen some speculative buying of WTI to prepare for the case it impacts Gulf (of Mexico) production,"

World oil demand surged in the first six months of 2015 compared with the same period in 2014, responding to a halving in the price of crude and significant declines in the price of most fuels in most consuming countries, according to national estimates submitted to the Joint Oil Data Initiative (JODI).

In China, Asia's biggest economy, activity in the manufacturing sector contracted for a second straight month in September, an official survey showed on Thursday, adding to signs of weakness in the world's second-largest economy which are shaking global markets.

Read More – Crude oil News