The Brent and US WTI crude oil contracts jumped about 5 percent last week, on reports of accelerating demand growth from the International Energy Agency, crude oil import growth in China and falling crude stocks in the United States. China’s crude oil imports surged 13.8 percent, in the first six months of this year, over the same period in 2016.
The US Energy Information Administration reported the biggest weekly drop in U.S. crude oil inventories last week in 10 months. So, Brent crude futures ended the week at 48.91 dollars per barrel. U.S. West Texas Intermediate crude futures ended the week at 46.54 dollars a barrel.