Oil prices rose on Tuesday, extending the gains made in the previous session, as indications of declining supplies and the Chinese authorities’ pledge to support the world’s second largest economy raised morale.
Brent crude futures rose seven cents to $82.81 a barrel at 00:07 GMT, while US West Texas Intermediate crude rose 11 cents to $78.85.
Both benchmarks rose more than 2% in the previous day, and reached their highest closes since April.
They have already climbed for four consecutive weeks on expectations of a contraction in supplies due to production cuts announced by the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, a group known as OPEC+.
In China, the world’s second largest oil consumer, leaders pledged to intensify policies to support the economy amid a shaky post-COVID-19 recovery, with a focus on boosting domestic demand.
2023-07-25 01:34:41
#Oil #rises #tight #supplies #Chinas #pledge #support #economy
