Crude oil prices closed higher on Monday on the influence of U.S.-China economic data

Monday (July 15) trend description:b4Cdespite the poor China GDP data released today, but also in line with market expectations, coupled with today's mixed U.Seconomic data, the market trading is light, crude oil prices did not appear much volatileIn addition, the political rush in Egypt has intensified, adding to investors' concerns about the supply of crude oil to the Middle EastAt the same time, CFTC long positions rose to their highest level since March 2011, supported by the recent rise in crude oil pricesBen Bernanke, chairman of the Federal Reserve, will give testimony before Congress on Wednesday (July 17), when it is likely to determine the future direction of oil pricesThe crude oil market closed higher on Mondayb4C
Crude oil prices bottomed out to around $106 early in Asian trading after a slight declineIn the European session, crude oil prices fluctuated to around $105In New York, crude oil prices rebounded again, briefly rising to a intraday high of $106.63 a barrel before stabilising at that positionb4C
NYMEX crude futures hit a high of $106.63 a barrel, hitting a low of $104.65 a barrel, up $0.37, or 0.35 percent, at $106.32 a barrelb4C
Fundamentals:b4C .1 The New York Fed's manufacturing index for July was 9.46, better than the 5.0 estimate and up from 7.84 in June, according to the New York Fed's latest data released Monday b4C
On the Egyptian side, Islamists in the Suez Canal today staged mass protests and demanded the reinstatement of ousted President Mohamed Mursi b4C
The U.S Commodity Futures Trading Commission (CFTC) said bets on West Texas crude hedge funds rose to their highest level since March 2011 As of July 9, short-term capital operators increased their net long positions in crude oil by 6.9 per cent to 281,918 lots b4C
Fundamental negative factors: b4C 1 China's second quarter GDP growth rate reached 7.5% YoY Although this growth has been significantly lower than in the past 10 quarters, it is in line with investors' psychological expectations b4C
U.S retail sales rose 0.4 percent in June, compared with 0.8 percent in May, according to data released Monday by the Commerce Department b4C
Future outlook: b4C Citi raised its WTI price forecast for this year to $95.9 a barrel, next year's WTI price estimate to $91.8 from $83 a barrel, and this year's Brent price forecast to $105.3 from $104 to $97.5 b4C
Ric Spooner, chief talent analyst at CMC Market, said: "Overall, the latest China data were broadly in line with expectations, with no big surprises and a broadly weak tone But industrial output data are weak Looking ahead, the momentum for economic growth is also downward b4C Goldman Sachs said it was likely that Brent crude oil would continue to rise in the second quarter of this year, as falling crude oil production from the Exporting Countries and a political crisis in some regions could threaten local supplies Falling crude oil production in Libya, Iraq and Nigeria will boost crude oil prices and dampen their declines in the future b4C Monday (July 15) Trend Description: b4C despite the poor China GDP data released today, but also in line with market expectations, coupled with today's u.S economic data are uneven, the market is light, crude oil prices have not shown much volatility In addition, the political rush in Egypt has intensified, adding to investors' concerns about the supply of crude oil to the Middle East At the same time, CFTC long positions rose to their highest level since March 2011, supported by the recent rise in crude oil prices Ben Bernanke, chairman of the Federal Reserve, will give testimony before Congress on Wednesday (July 17), when it is likely to determine the future direction of oil prices The crude oil market closed higher on Monday b4C
Crude oil prices bottomed out to around $106 early in Asian trading after a slight decline In the European session, crude oil prices fluctuated to around $105 In New York, crude oil prices rebounded again, briefly rising to a intraday high of $106.63 a barrel before stabilising at that position b4C
NYMEX crude futures hit a high of $106.63 a barrel, hitting a low of $104.65 a barrel, up $0.37, or 0.35 percent, at $106.32 a barrel b4C
Fundamentals: b4C .1 The New York Fed's manufacturing index for July was 9.46, better than the 5.0 estimate and up from 7.84 in June, according to the New York Fed's latest data released Monday b4C
On the Egyptian side, Islamists in the Suez Canal today staged mass protests and demanded the reinstatement of ousted President Mohamed Mursi b4C
The U.S Commodity Futures Trading Commission (CFTC) said bets on West Texas crude hedge funds rose to their highest level since March 2011 As of July 9, short-term capital operators increased their net long positions in crude oil by 6.9 per cent to 281,918 lots b4C
Fundamental negative factors: b4C 1 China's second quarter GDP growth rate reached 7.5% YoY Although this growth has been significantly lower than in the past 10 quarters, it is in line with investors' psychological expectations b4C
U.S retail sales rose 0.4 percent in June, compared with 0.8 percent in May, according to data released Monday by the Commerce Department b4C
Future outlook: b4C Citi raised its WTI price forecast for this year to $95.9 a barrel, next year's WTI price estimate to $91.8 from $83 a barrel, and this year's Brent price forecast to $105.3 from $104 to $97.5 b4C
Ric Spooner, chief talent analyst at CMC Market, said: "Overall, the latest China data were broadly in line with expectations, with no big surprises and a broadly weak tone But industrial output data are weak Looking ahead, the momentum for economic growth is also downward b4C Goldman Sachs said it was likely that Brent crude oil would continue to rise in the second quarter of this year, as falling crude oil production from the Exporting Countries and a political crisis in some regions could threaten local supplies Falling crude oil production in Libya, Iraq and Nigeria will boost crude oil prices and dampen their declines in the future b4C