China likely to raise oil prices

China is likely to raise gasoline and diesel retail prices in the domestic market after a rising trend of global prices.

Analysts predicted the guide prices will be lifted by over 200 yuan (around 33 U.S. dollars) per tonne, marking the third consecutive rise.

The change is expected to be announced on Monday by the National Development and Reform Commission, China's top economic regulator. According to China's oil pricing mechanism the price can be changed every 10 working days should there be a substantial price change in the global market.

Prices in the European and American markets fluctuated in the past week. The light, sweet crude rose slightly to around 60 dollars a barrel on the New York Mercantile Exchange, while Brent slipped mildly to around 65 U.S. dollars.

A report by 315i.com, a commodity information website, forecast demand will edge up in the coming weeks and summer, the traditional peak season for oil consumption.

The price of sweet crude will climb to 60 to 65 U.S. dollars per barrel, while Brent crude will stood between 68 to 72 U.S. dollars in the next week, the report said.