NextGen Day

In response to better-than-anticipated economic statistics in the US and expectations that the Chinese economy will recover from the effects of the coronavirus disease 2019 (Covid-19) pandemic, oil prices rose on Friday.

At 0656 GMT, the price of Brent crude, the international standard, was $87.82 per barrel, up 0.40 percent from the previous trading session’s closing price of $87.47 per barrel.

At the same time, the American benchmark West Texas Intermediate (WTI) was trading at $81.34 per barrel, up 0.40 percent from the previous session’s closing price of $81.01 per barrel.

According to the initial report from the Commerce Department issued on Thursday, the US economy grew by 2.9 percent in the fourth quarter of 2022, exceeding the market forecast of 2.6 percent.

The stronger-than-expected result allayed concerns that this year’s rate hikes by the Federal Reserve may push the US economy into recession.

The nation’s expanding crude oil inventories, which imply declining demand, restrained the price increases.

Energy Information Administration (EIA) data issued late Wednesday showed that US commercial crude oil stocks grew by 0.1 percent during the week ending January 20.

Against the market estimate of an increase of about 3.4 million barrels, inventories increased by 500,000 barrels to 448.5 million barrels.

The Chinese economy experienced one of its worst years in decades last year, with growth being hindered by a number of Covid-19 lockdowns and a deadly epidemic in December that spread across the nation with extraordinary speed.

According to figures announced on Tuesday, China’s annual growth rate was only 3%, significantly less than in 2021 and below Beijing’s aim of 5.5 percent.

However, since China agreed to remove all pandemic limitations, there were higher expectations for increased demand.

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