Oil and financial markets rallied today as the economic backdrop becomes more bullish. Prices have been buoyed by production cuts and demand growth. \u201cThe 16 million bpd oversupply in crude during April could be reversed altogether by June, helped by a 4 million-bpd recovery in crude demand and a 12 million-bpd cut in crude supply,\u201d said Bjornar Tonhaugen, head of oil markets for Rystad Energy. Of the cuts, a majority of this is from OPEC+ (9.5MM\/bpd) while the other 3.5MM\/bpd is non OPEC+. Russia overtook Saudi Arabia as Chinas top crude oil supplier in April, with imports to the country rising 18%. Chinas total imports came in at 9.84MM\/bpd, still well below 10.64 MM\/bpd this time last year. Refinitiv is expecting Chinas May imports to hit an all-time high of 12.7MM\/bpd (with record volume from OPEC) as the nation tries to take advantage of cheap raw materials pricing. WTI traded up $1.1 or 3.31% to close at $34.35. Brent traded up $.51 or 1.44% to close at $36.04. 12.7MM\/bpd (with record volume from OPEC) as the nation tries to take advantage of cheap raw materials pricing. WTI traded up $1.1 or 3.31% to close at $34.35. Brent traded up $.51 or 1.44% to close at $36.04<\/p>\n\n\n\n
\u201cThe 16 million bpd oversupply in crude during April could be reversed altogether by June, helped by a 4 million-bpd recovery in crude demand and a 12 million-bpd cut in crude supply,\u201d<\/p>\n","protected":false},"author":2,"featured_media":906,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n