SAN FRANCISCO (MarketWatch) — Oil futures reclaimed the $100-a-barrel level on Wednesday, after Chinese data showed record oil imports for January and key oil producers raised their forecast on global demand growth for the year.
Prices have pulled back from the session’s high, however, after a weekly U.S. government report also released Wednesday revealed a bigger-than-expected rise in crude supplies.
March crude oil CLH4 +0.37% rose 82 cents, or 0.8%, to $100.76 a barrel on the New
York Mercantile Exchange, erasing the contract’s 12-cent pullback Tuesday. Prices, which had been trading up at around $101.18, pared their gains immediately after the U.S. supply reported, bounced back, then eased again.
There were plenty of traders willing to short the psychological $100 level, but once the APIs were released after Tuesday’s close, the spot price began to...Read More