Oil surges due to China's optimistic request forecast

(MENAFN) Oil costs surged on Thursday on estimation of a request rise from China, the world's second-biggest oil consumer, as the nation closed its zero-COVID policy in a proposal to regain the economy.

International benchmark brent crude exchanged at USD85.20 a barrel as of 9.40 AM regional time (0640 GMT), surging 0.13 percent from the ending price of USD85.09 per barrel in the prior exchange session.

At the same time, American benchmark West Texas Intermediate (WTI) sold at USD78.53 a barrel, per 0.08 percent surge following the prior session ended at USD78.47 per barrel.

The expectations of a request regain in China were impactful in pushing oil rates higher. International credit rating agency Fitch surged its expansion estimation for the Chinese economy in 2023 from 4.1 percent to 5 percent.

Fitch noted that the upward revision is evidence of a quicker-than-estimated regain in intake and financial actions in the nation since Chinese authorities abandoned their zero-COVID strategy.



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