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On Thursday, oil prices rose as the world’s top oil importer, China, anticipated a jump in oil demand.

At 09:46 local time (06:46 GMT), the price of international benchmark Brent crude was $85.85 per barrel, up 0.55 percent from the previous trading session’s closing price of $85.38 per barrel.

West Texas Intermediate (WTI), the American benchmark, was trading at $79.19 a barrel at the same time, up 0.76 percent from the previous session’s closing price of $78.59 per barrel.

Following the easing of severe coronavirus disease 2019 (Covid-19) restrictions and the opening of its borders to foreign travel, China’s economy is anticipated to rebound.

It is anticipated that China’s oil demand would increase when the economy recovers.

According to the International Energy Agency (IEA), China’s projected growth of roughly 900,000 bpd in 2023 will account for the majority of the increase in world oil consumption.

According to the IEA’s monthly oil market report released on Wednesday, the world’s oil demand is expected to increase by 1.96 million barrels per day (bpd) this year, reaching a record 101.9 million bpd.

Meanwhile, price hikes were restrained by a higher-than-anticipated increase in US oil inventories.

Energy Information Administration (EIA) data issued late Wednesday showed that US commercial crude oil stockpiles grew by 3.6 percent during the week ending February 10.

Contrary to the market expectation of an increase of about 321,000 barrels, inventories increased by almost 16.3 million barrels to 471.4 million barrels.

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Cebuano English Filipino