Crude oil prices edged above $80 improving in demand from China

brent oil prices

WTI crude oil prices edged above $80 per barrel on Thursday, attempting to recoup recent losses amid hopes of continued demand recovery in top crude importer China and as a weaker dollar made greenback-priced commodities more attractive for foreign buyers.

Authorities said that the number of Covid-related deaths and severe cases in China is now 70% lower than peak levels in early January, bolstering bets for further economic recovery.

A lower-than-expected rise in US crude inventories also lifted oil prices, with data from the EIA showing a 533,000 barrel increase last week despite forecasts for a 1 million barrel gain.

Meanwhile, OPEC is expected to maintain current oil production levels when they meet next, keeping supply tight. Traders are also tracking Russian flows as more Western sanctions and price caps on Russian petroleum products are set to take effect next month.