The Futures of WTI crude oil rose during Asian trading on Tuesday. On the New York Mercantile Exchange, WTI crude oil futures for July delivery were traded at a price of $ 58.41 per barrel, at the time of this article rising 0.46%.
The high of the session was market at $ 58.49 per barrel. At this time, the WTI oil found support at $ 56.83 and resistance - at 59.94 dollars.
The oil prices rise as investors rely on economic incentives in China after the release of weak statistics.
Consumer price inflation in China fell to 1.2 % in May and producer prices fell the 38th consecutive month.
"Weak indicators continue to show sluggish demand in the real economy. The government should take additional measures to reduce the real cost of borrowing and stimulate economic growth," - said the strategist of Huachuang Securities in Beijing, Yu Yafang.
China reduced oil imports by 11 % in May, compared to the previous year, to the record level in April, according to customs statistics.
"The weakening of imports is the result of a significant increase in the number of refineries closed for prophylaxis in May. On the other hand, imports increase in recent months hampered the work of warehouses and ports in China," – said the report of Australian and New Zealand Banking Group Ltd (ANZ).
The USD index, showing the relationship of the US dollar to the basket of six major currencies, was down 0.24% and traded at $ 95.00.
As for other products traded on the ICE, Brent oil futures for July delivery rose 0.10%, reaching $ 62.89 per barrel, and the price difference between contracts for Brent and WTI crude oil was $ 4.47 per barrel.
Yesterday, crude oil became cheaper on the statements of Iran's readiness to increase supplies.
At the end of June 8, the futures for WTI crude oil for July on the New York Mercantile Exchange (NYMEX) fell $ 0.99 (-1.67%) to $ 58.14 per barrel.
July futures for Brent crude on the ICE Exchange in London decreased by $ 0.62 (-0.98%) to $ 62.69 per barrel.