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Oil gets a Boost from Higher Refinery Output and Chinese Industrial Profits

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West Texas Intermediate climbed for a fourth day as U.S. refiners boosted crude processing to the highest rate this year and industrial profits increased in China, the world’s second-largest oil consumer.
Futures gained as much as 0.7 percent in New York to post the longest rising streak since May 20. U.S. refineries operated at 90.2 percent of combined capacity last week even as stockpiles rose, government data showed yesterday. Profit at Chinese industrial companies was up 16 percent in May from a year earlier, according to China’s National Bureau of Statistics today. WTI breached a technical-resistance level that capped price gains the past week.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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