Oil inches up on China rebound, but global demand concerns weigh
Oil prices inched up on Thursday, extending gains from the previous two sessions on signs of a strong economic rebound in China, the world’s top oil importer, though gains were capped by a rise in U.S. crude inventories and concerns over overall global demand.
Brent crude futures rose 12 cents, or 0.1%, to $84.43 a barrel at 0445 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.1%, at $77.78.
Both contracts rose about 1% in the previous session after data showed manufacturing activity in China in February grew at the fastest pace in more than a decade, adding to evidence of an economic rebound in the world’s second largest economy after the removal of strict COVID-19 curbs.
However, a tenth consecutive week of crude stock builds in the United States capped the market’s gains.
U.S. crude inventories (USOILC=ECI) rose by 1.2 million barrels in the week ending Feb. 24 to 480.2 million barrels, their highest level since May 2021, the Energy Information Administration reported.
This report’s information was first seen on REUTERS; to read more, click this link.
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