Crude Surge to Highest Level amid Strong Chinese Data

Oil prices hit on Wednesday its highest level in 2019 after China released data of falling US oil inventories.

In addition, Beijing announced that the Gross Domestic Product (GDP) grew by 6.4 percent in Q1 of the year 2019, surpassing analysts expectations by 0.1 percent.

The market was also boosted with confidence after data in China reported a 3.2 percent rise in refinery production last March, amounting to 12.49 million barrels per day.

Benchmark price 

The US Energy Information Administration (EIA), which is an agency of the Federal Statistical System, is due to reveal oil production stockpile review later today.

American Petroleum Institute (API) announced yesterday that crude inventories dropped by 3.1 million barrels in the second week of April.

Brent crude surged 0.6 percent to record the highest level since last November at $ 72.19 per barrel.

Brent is a major trading classification, which serves as a benchmark price for global purchases of oil.

As for the US Nymex crude futures for May delivery, the price rose 0.7 percent to record $ 64.48 per barrel.

Meanwhile, oil supply has also dipped this year after the US imposed sanctions on OPEC members Iran and Venezuela.

[caption id="attachment_45994" align="aligncenter" width="502"] Crude price on Wednesday's trading[/caption]