Oil prices rose as demand prospects improved in China, the world’s largest oil importer.
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Oil prices are rising, reaching their highest levels in a week
Oil prices rose by a dollar a barrel, today, Friday, heading for its largest weekly gain since last September, with the decline of the dollar, and amid more indications of improving demand from China, the largest oil importer in the world.
Brent crude futures increased by $1.01 a barrel, or 1.2%, to $85.04 a barrel, by 16:16 GMT, while US West Texas Intermediate crude futures rose $1.18 a barrel, or 1.5%, to $79.57 a barrel.
Brent crude jumped 8% this week, while WTI increased 7.7%; To make up for most of last week’s losses.
The dollar index fell to its lowest level in more than 7 months after the data showed Yesterday Thursday Monthly inflation fell in December for the first time in two and a half years, which revived hopes that the Federal Reserve (the US central bank) would slow down the pace of interest rate hikes.
This came with the recent increase in China’s purchases of crude, and the increase in traffic in the country’s streets. This raised hopes for a recovery in demand in the world’s second-largest economy, following China’s reopening of its borders and the easing of COVID-19-related restrictions following last year’s protests.
