Brent crude futures gain as much as 2% on Oct 7 and Oct 8, above $102 a barrel
In short
Brent crude futures widened their gains to 1% and then 2% on October 7, reaching $102.59 a barrel, CLS and Jiemian reported. On October 8 the futures again rose 1% and then 2%, with CLS quoting $102.271 a barrel and Yicai also reporting the 2% gain.
Read the full story 1 min read
Brent crude futures widened their gain to 1% on October 7, trading at $101.581 a barrel, CLS reported; Jiemian gave the price as $101.58. Later that day both outlets reported the gain had widened to 2%, with the price at $102.59 a barrel. [ 1 , 2 , 3 , 4 ]
The pattern repeated on October 8. CLS reported a 1% gain at $101.218 a barrel in the morning, and later a 2% gain at $102.271 a barrel. Yicai also reported the 2% gain that day but gave no price. None of the reports gives a reason for the rise. [ 5 , 6 , 7 ]
Why it matters
Three Chinese business outlets carried the moves as short market flashes over two consecutive days, with every quoted price above $101 a barrel. The reports give no cause for the rise and no comment on its effects.
Key facts
- On October 7 Brent crude futures widened their gain to 1%, at about $101.58 a barrel. [ 1 , 2 ]
- Later on October 7 the gain widened to 2%, at $102.59 a barrel. [ 3 , 4 ]
- On October 8 Brent crude futures widened their gain to 1%, at $101.218 a barrel, CLS reported. [ 5 ]
- Later on October 8 the gain widened to 2%. [ 6 , 7 ]
- CLS quoted the October 8 price at the 2% gain as $102.271 a barrel. [ 6 ]
Confirmed by several sources
Still unclear
- Why Brent crude futures rose on October 7 and October 8. None of the reports gives a reason for the moves.
- The October 8 prices of $101.218 and $102.271 a barrel. Only CLS gives these figures; Yicai reported the 2% gain without a price.
What local media are saying
Timeline, local time
- October 7: CLS reports Brent futures up 1% at $101.581 a barrel. [ 1 ]
- October 7: Jiemian reports the 1% gain at $101.58 a barrel. [ 2 ]
- October 7: CLS reports the gain widening to 2%, at $102.59 a barrel. [ 3 ]
- October 7: Jiemian reports the 2% gain at $102.59 a barrel. [ 4 ]
- October 8: CLS reports Brent futures up 1% at $101.218 a barrel. [ 5 ]
- October 8: CLS reports the gain widening to 2%, at $102.271 a barrel. [ 6 ]
- October 8: Yicai reports the 2% gain. [ 7 ]