Crude Oil gains In Asia After China Data Shows Strong November Refinery Runs

Thursday,   14-Dec-2017   09:23 AM (IST)

Crude oil prices held gains in Asia on Thursday despite slightly weaker Chinese industrial output figures as refinery throughput held strong and domestic crude output dipped.On the New York Mercantile Exchange crude futures for January delivery rose 0.35% to $56.80 a barrel, while on London's Intercontinental Exchange, Brent gained 0.29% to $62.88 a barrel.China reported industrial production for November came in at a gain of 6.1%, compared with a 6.2% rise seen followed by retail sales which rose 10.2%, compared to a 10.3% rise expected and fixed asset investment came in up 7.2% as seen.China's November crude runs reach 49.4 million metric tons, up 8.1% on year with January to November crude runs up 5.2% to 518.66 million metric tons even as domestic crude oil production fell 2.5% on year to 15.7 million metric tons with year-to-date output at 175.64 million metric tons, down 4.1%.The Federal Reserve approved its third rate hike of 2017, and forecasts further rate hikes despite growing concerns over the slow pace of inflation.Overnight, crude oil prices settled lower on Wednesday after data showing crude stockpiles fell for the second straight week failed to offset a larger-than-expected build in gasoline supplies.