Brent prise rises to $59.43 after signs of US production dip

Brent crude oil prices rose by a dollar on Wednesday after signs of a dip in US production, but gains were capped by Chinese quarterly growth slowing to a six-year low and by ebbing investor interest in commodities.



Front-month Brent crude futures were up a dollar at $59.43 a barrel by 0705 GMT, while US crude climbed 65 cents to $53.69.



In the United States, North Dakota’s February oil production fell 15,000 barrels per day (bpd) versus January, although the number of produciing wells hit a record high.



Despite its slowing growth, China’s implied oil demand in March is estimated to have grown by 7.6 percent from a year earlier to 10.53 million barrels per day (bpd).



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Posted in: Indian Market Tips