World Bank cut global growth and Chinese exports
tumbled but oil continues to rally
U.S. crude production ticked up 100,000 barrels per day to
8,745,000 bpd from the previous week, reversing a 15-week trend
of declining output.
A weaker US dollar - which makes oil cheaper for international
buyers - and ongoing supply issues in Nigeria continue to provide
stimulus for crude.
The World Bank is reducing its forecast for the global economy
this year — again. The aid agency now predicts that growth will
reach 2.4 percent this year, down from the 2.9 percent it had
foreseen in January, and on par with growth for 2015. The lower
forecast comes as commodity-exporting countries struggle with
lowprices for raw materials. The U.S. economy is forecast to grow
1.9 percent, down from 2.4 percent in 2015.
Prices were also supported by data showing China's crude oil
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