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Friday, November 22, 2024

Home Business Oil increases as fresh China data signals demand rebound

Oil increases as fresh China data signals demand rebound

by News desk
March 2, 2023
in Business

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Oil prices rebounded on Wednesday after better-than-expected industrial data from China, the world’s largest oil-importing country, while looming demand issues, including a build in US crude oil inventories and growing fears of further US interest rate hikes, weighed on prices.

International benchmark Brent crude traded at $84.08 per barrel at 10.09 a.m. local time (0709 GMT), up 0.75% from the closing price of $83.45 a barrel in the previous trading session.

At the same time, American benchmark West Texas Intermediate (WTI) traded at $77.67 per barrel, a 0.80% increase after the previous session closed at $77.05 a barrel.—APP