Oil Rises On Rebounding Chinese Demand, Geopolitical Risks
NDTV
Prices rose by more than $1 earlier in the session on news that crude oil demand in China, the world's largest oil importer, is rebounding, having been dampened by strict COVID-19 restrictions.
Oil rose on Thursday as the prospect of higher Chinese demand and heightened geopolitical risks outweighed recession fears after a flurry of central bank interest rate hikes, including from the Bank of England.
Brent crude futures were up 70 cents, or 0.78%, to $90.53 per barrel by 1054 GMT, while U.S. West Texas Intermediate (WTI) crude was up 71 cents, or 86%, at $83.65.
Prices rose by more than $1 earlier in the session on news that crude oil demand in China, the world's largest oil importer, is rebounding, having been dampened by strict COVID-19 restrictions.
At least three Chinese state oil refineries and a privately run mega refiner are considering increasing runs by up to 10% in October from September, eyeing stronger demand and a possible surge in fourth-quarter fuel exports, people with knowledge of the matter said.
