Oil Rises on Strong European Data

Brent oil rose on Tuesday as strong European economic data and a year-on-year increase in Chinese crude imports outweighed concerns about Asia’s economic growth and global oil oversupply.

German exports in July climbed 2.4 percent on the month and imports grew by 2.2 percent, both hitting their highest values on record.

The euro zone economy grew faster than expected in the second quarter, data showed on Tuesday, with gross domestic product up 1.5 percent year-on-year versus a previous reading of 1.2 percent.

Brent futures were up 80 cents at $48.43 a barrel by 1030 GMT, recovering around half the losses made on Monday.

U.S. crude was at $45.05 a barrel, down $1.00 since Friday’s close, broadly in line with the overall movement of Brent from Friday.

via Reuters

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 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