WTI Crude Oil Rises on China Demand Hopes

brent oil prices


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.

Also Read : Iran And Russia Will Start Oil-Product Swap As Ties Deepen Under Sanctions

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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