Oil prices rose on Monday, as markets weighed the geopolitical shock of a U.S. military operation in Venezuela against persistent concerns over global oversupply.
The West Texas Intermediate for February delivery gained one U.S. dollar, or 1.74 percent, to settle at 58.32 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased by 1.01 dollars, or 1.66 percent, to settle at 61.76 dollars a barrel on the London ICE Futures Exchange.
Market participants are closely monitoring the aftermath of the U.S. raid and the seizure of Venezuelan President Nicolas Maduro.
Oil prices settle higher as Venezuela shock outweighs supply glut fears
China's summer grain procurement season is set to begin later this month, with the expectation of buying about 100 million tons of wheat during the peak period, roughly the same amount as last year, a national food reserves official said on Thursday.
Summer crops account for more than 20 percent of the country's annual grain output, over 90 percent of which is winter wheat. The peak purchasing season runs from late May to the end of September. This year, the summer grain harvest is expected to start about one week later than usual, with early batches already hitting the market in Hubei and Sichuan provinces.
"Preliminary analysis suggests that wheat purchases during the peak season will reach around 100 million tons, which is about 70 percent of total [wheat] output, basically unchanged from last year," said Luo Shouquan, director of the Food Reserves Department at the National Food and Strategic Reserves Administration.
Luo said authorities will step up market analysis and forecasting, and adjust policies as needed. He stressed efforts to facilitate market-oriented purchases, encouraging various buyers to enter the market, and calling on leading state-owned enterprises to take the lead in procurement to boost market confidence.
"A total of 110 million tons of storage capacity has been prepared across the country by far, enough to meet farmers' needs. We will strengthen market monitoring, activate the minimum purchase price mechanism in eligible regions in a timely manner, and coordinate both offline and online channels to ensure orderly purchases and keep the grain market stable," said the official.
China expects some 100 mln tons of wheat in summer procurement
