Oil stabilizes after data on the growth of the Chinese economy

Oil prices stabilized at the end of trading on Tuesday, after data on Chinese economic growth, which were balanced with concerns about possible increases in US interest rates.

Crude oil prices rose at a slight pace, with strong economic data coming from China, which is the world’s largest oil importer.

Official data coming from China contributed to the rise in crude oil prices, especially with faster-than-expected economic growth in Beijing during the first quarter of this year 2023, in addition to an expansion of 4.5% on an annual basis.

At the close of Tuesday’s session, Brent crude futures rose by 1 cent, or by 0.01%, to close at $85.25 a barrel, while US West Texas Intermediate crude futures rose by about 3 cents, or 0.04%, to record $80.86 per barrel upon settlement. , according to what was reported by “CNBC”.

The data showed that the Chinese economy grew by 4.5% in the first quarter of this year, faster than expected, while the productivity of oil refineries rose to record levels in March.

“The big picture of China’s growth continues to suggest that the market is undersupplied,” said Phil Flynn, analyst at Price Futures Group.

In the meantime, the possibility of raising the US interest rate again remained a burden on sentiment, especially since expectations indicate that the Federal Reserve will raise interest rates by 25 basis points at its meeting next May.