by Daniel J. Graeber
New York (UPI) Oct 22, 2014
Brent crude oil prices for December delivery continued their rally, inching closer to the $87 per barrel mark in trading Wednesday.
Brent hit a high-water mark of $86.96 in early Wednesday trading on word demand from a slowing Chinese economy was on the rise. Brent prices had been on a trend toward discounts as producers responded to supply and demand dynamics in an effort to shore up their market positions in energy-hungry Asia.
Chinese economist Xiang Songzuo said gross domestic product expanded 7.3 percent during the third quarter. While slowing, he said the GDP movement was a sign the Chinese economy was shifting away from acceleration to long-term quality.
China is one of the largest oil consumers in the world.
West Texas Intermediate crude oil prices for December were up near the $83 dollar mark. Wednesday trading may hinge on weekly statistics from the Energy Information Administration.
More oil output from North American shale is driving global benchmark prices lower. EIA data show the United States produced 8.8 million bpd for the first full week of October, up nearly 18 percent from the same time last year.
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