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Oil price near 2015 highs on expectations of strong Chinese imports in 2018 -

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    • Oil price near 2015 highs on expectations of strong Chinese imports in 2018
Dec, 28th 14:52

U.S. West Texas Intermediate (WTI) crude futures were at $59.69 a barrel at 0336 GMT, up 5 cents from their last settlement. WTI broke through $60 a barrel earlier this week, the first time since June 2015. The prices received support from the API inventory report, showing a 6 million barrel drop in crude oil inventories to 432.8 million.

On Tuesday, a keystone pipeline in Libya exploded, prompting the loss of 90,000-100,000 barrels of oil per day, which has further driven up the price of both brent and WTI crude.

The market was further aided by the release of strong 2018 import quotas by China, which could lead to another record for purchases by the world’s biggest importer.

On the technical charts market is trading at 59.69, hovering near the 100% Fibonacci retracement level (from 45.05 to 60.01).

Trade suggestion:

Buy (WTI) digital call from 59.59 to 59.80, valid until 22:00 GMT December 28, 2017