Oil increases as fresh China data signals demand rebound


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