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Oil prices increased on Thursday on expectations of a demand surge from China , the world’s second-largest oil consumer, as the country ended its zero-COVID policy in a bid to revive the economy.

International benchmark Brent crude traded at $85.20 per barrel at 9.40 a.m. local time ( 0640 GMT ), up 0.13% from the closing price of $85.09 a barrel in the previous trading session.

At the same time, American benchmark West Texas Intermediate (WTI) traded at $78.53 per barrel, a 0.08% rise after the previous session closed at $78.47 a barrel.

The expectations of a demand recovery in China were effective in pushing oil prices higher. International credit rating agency Fitch raised its growth forecast for the Chinese economy this year from 4.1% to 5%.

Fitch stated the upward revision is evidence of a faster-than-anticipated recovery in consumption and economic activity in the country since Chinese authorities abandoned their zero-COVID policy.

Long-term lockdowns and strict restrictions in China have restrained the country’s economic growth since the beginning of the COVID pandemic.

Experts predict an economic rebound in the world’s largest oil importer as life returns to normal with the lifting of travel restrictions. Oil consumption is expected to rise as travel picks up, boosting economic activity.

China lifted COVID restrictions in December, allowing for travel in January.

Meanwhile, a larger-than-expected build in US crude stocks signaled a drop in oil demand, limiting price increases.

US commercial crude oil inventories increased by 0.5% during the week ending Feb. 3 , according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories rose by around 2.4 million barrels to 455.1 million barrels, against the market expectation of an increase of around 2.2 million barrels.

Source: Anadolu Agency

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Oil prices increased on Friday over demand optimism after better-than-expected economic data in the US and hopes that Chinese economy will recover from the wounds of COVID pandemic.

International benchmark Brent crude traded at $87.82 per barrel at 09.56 a.m. local time (0656 GMT), a 0.40% increase from the closing price of $87.47 a barrel in the previous trading session.

The American benchmark West Texas Intermediate (WTI) traded at $81.34 per barrel at the same time, a 0.40% gain after the previous session closed at $81.01 a barrel.

The US economy expanded 2.9% in the fourth quarter of 2022, coming higher than the market estimate of 2.6%, according to the Commerce Department’s first reading released earlier.

The stronger-than-expected figure calmed fears that the Federal Reserve’s rate hikes could cause a recession in the US economy this year.

The price upticks were limited by the country’s rising crude oil inventories, which indicate falling demand.

US commercial crude oil inventories increased by 0.1% during the week ending Jan. 20, according to data released by the Energy Information Administration (EIA) late Wednesday.

Inventories rose by around 500,000 barrels to 448.5 million barrels, against the market expectation of an increase of around 3.4 million barrels.

The Chinese economy, meanwhile, faced one of its worst years last year as the growth was hindered by Covid lockdowns in line with the country’s strict “Zero-Covid Policy”.

However, hopes for a stronger demand in China were raised after the country decided to lift all pandemic restrictions.

Source: Sibel Morrow / Anadolu Agency

https://www.aa.com.tr/en/energy/oil/oil-up-as-strong-economic-data-in-us-lifts-up-market-sentiment/37387

Past performance is not a reliable indicator of future results.

Narrations are not endorsements.

Yavor Voynov – Male Bulgarian Voice-Over Actor | Commercials | Medical, Corporate & Technical Narration | Web Content | Gaming

Tag: oil

Oil up over China’s positive demand outlook [Anadolu Agency (Turkey)]

Oil up as strong economic data in US lifts up market sentiment [Anadolu Agency (Turkey)]