Crude oil futures price the crude oil futures price rose

The crude oil futures price rose marginally to $78.12 in early London trading, with macro traders citing stronger Chinese PMI data. Risk appetite in the commodities space is enhancing upside targets toward $80 in the short term. Analysts from JPMorgan expect a surplus of around 2 million barrels a day for the remainder of this year and into next year. The International Energy Agency forecasts that oil supply growth will be 2.7 million barrels a day this year and 2.1 million the next, lifting an earlier estimate. Emerging oil producers and non-OPEC growth worldwide Crude oil futures price charts show moving averages turning upward, signalling possible sustained rally conditions. Seasonal demand could align with technical buying, pushing futures toward the $81-$82 corridor.