PRF: Oil Prices Rally Amid Positive Stats From China
On Friday, oil prices rallied amid China’s GDP report, which retained the hope for the bright future of the Chinese economy. The WTI (Light Sweet Crude Oil) futures for August delivery gained $0.79/b. The average price of the Brent oil futures for August delivery increased by $1.09/b.
According to Michael Hewson, an expert from CMC Markets, today’s situation in the market of crude oil looks more stable after China’s GDP report. Moreover, the required price level is supported by the expectation of China’s further economic stimulation.
However, according to the Commodity Trading Department of Masterforex-V Academy, in the near future, the price rally will be restrained by a number of factors.
