NEW YORK: On Friday, Wti Crude Futures were close to $78 per barrel and were on track to finish the week higher as hopes for a rebound in Chinese demand outweighed concerns about the Federal Reserve’s continued policy tightening.
This week, data indicated a rise in manufacturing and service activity in China, and executives from Saudi Aramco and Chevron Corp. expressed optimism regarding demand for the world’s largest wti crude importer.
On the supply side, Russia has stated that it will reduce oil exports from its western ports by up to 25% in March, exceeding the previously stated limit of 500,000 barrels per day.
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Meanwhile, expectations that the Federal Reserve would keep raising interest rates to combat inflation were bolstered by stronger-than-expected US economic data and hawkish remarks from Fed officials.
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