• +923 343206 986
  • Contact@btrams.com
  • Pakistan

Crude oil Trading Price Rose Above 81 $ , As Demand Recovery from China

WTI crude oil prices edged above $81 per barrel on Friday, extending recent gains amid hopes of continued demand recovery in top crude importer China and as better-than-expected fourth quarter US GDP numbers raised hopes of a soft landing in the world’s largest economy.

China’s economic reopening from Covid curbs sparked optimism about a rebound in crude consumption this year, with authorities saying that the number of Covid-related deaths and severe cases in China is now 70% lower than peak levels in early January. On the supply side,

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.

Still, the US oil benchmark is on track to end the week little changed as recession fears weighed on the commodity earlier in the week.