Oil prices rose in the international markets, during trading today, Sunday, as the global benchmark Brent crude futures rose by 3.6%, and the US West Texas Intermediate crude futures rose by 4.4%.
Brent crude futures, the global record, reached $85.83 a barrel, and US West Texas Intermediate crude rose by 4.4%, to $79.68.
Economic estimates revealed that oil prices ended trading at high levels, driven by renewed optimism about demand from China, the largest oil importer.
And the oil markets had recovered from a short wave of selling in Friday’s trading, after informed sources denied to Reuters, quoted by Sky News Arabia, a media report stating that the UAE is witnessing internal discussions about leaving OPEC and pumping more oil, as the sources confirmed that the report is “far from the truth.” .
Brent crude achieved a weekly rise of about 3.6% to reach $85.83 a barrel, and US West Texas Intermediate crude also rose. Manufacturing activity is also there. China’s seaborne imports of Russian oil are set to hit a record this month.
