Oil prices rose for a second day on Wednesday as reports of expanding manufacturing activity in China, the world’s biggest crude importer, boosted the outlook for global fuel demand.
Brent crude oil for May was up 24 cents, 0.3%, to 83.69 a barrel at 0214 GMT. The April contract expired on Tuesday up $1.44, or 1.8%, at $83.89.
U.S. West Texas Intermediate (WTI) crude for April rose 31 cents, or 0.3%, to $77.36 a barrel after gaining 1.8% in the previous session.
Oil prices continue to be supported by expectations for a strong rebound in demand in China, the world’s second-largest crude consumer. Those expectations were further supported by data showing China’s factory activity rose for the first time in seven months in February, according to the purchasing manager’s index (PMI) published by Caixin/S&P Global on Wednesday.
Official government PMI data also published on Wednesday showed the fastest expansion in manufacturing since 2012 occurred in February.
However, the strong demand signal was offset by signs of rising crude stockpiles in the United States, the world’s biggest oil consumer and producer.
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