Crude oil resumes uptrend amid Chinese measures

West Texas Intermediate futures have bounced up to USD 75.70 on China’s measures to secure supplies.
Crude oil futures have turned positive on daily charts. Oil prices lost ground following an unexpected increase in U. S. inventories.
Oil prices have bounced more than USD 2 in less than an hour, erasing previous losses and turning positive on daily charts following reports of China’s intentions to secure supplies at all costs, concerned about the possibility of an energy shortage.
Front-month WTI futures have shrugged off the negative tone seen earlier today to jump nearly 3% during Thursday’s U. S. trading session.
Reports that China has prioritized securing oil supplies for this winter have sent oil prices surging.
US crude oil futures were about 2,3% down on the day, following an unexpected increase in US inventories.
The Energy Information Administration reported an increment of 4.6 million barrels on the week of 24 September contrary to market expectations of a 2.33 million barrel draw.