Mubasher: Oil prices jumped 2% during Friday’s trade, in the back of the surge in Chinese imports, the decline in American inventories, and the rising geopolitical risks.
Today, the data of China Customs showed that average Chinese oil imports rose in September to nine million barrels per day.
US oil stocks declined by 2.8 million barrels, during the week that ended on 6 October.
The prices of Brent crude futures for December delivery went up by 2.1% to the level of 57.43 per barrel, by 12:40 PM (GMT).
Investors are anticipating an announcement from the US president Donald Trump regarding his final decision on signing the renewal of the Iran Nuclear Deal, which Trump heavily criticized lately.
Meanwhile, it was reported that tens of thousands of Kurdish Peshmerga fighters were deployed near the oil-rich Kirkuk city, amid threats from the Iraqi army.