(MENAFN) Oil rates rose on Thursday on estimation of a rise in oil request in China, the glob’s biggest oil importer.
International benchmark Brent crude sold at USD85.85 a barrel at 09.46 AM regional time (0646 GMT), rising 0.55 percent from the ending price of USD85.38 per barrel in the prior exchange session.
At the same time, American benchmark West Texas Intermediate (WTI) sold at USD79.19 a barrel, a 0.76 percent increase following the prior session ended at USD78.59 per barrel.
China's economy is estimated to regain following the nation removal of powerful COVID-19 sanctions and opened its doors to international visitors.
With the regain of the economy, China's oil request is estimated to surge.
The International Energy Agency (IEA) forecasts that the international oil request rise is going to be led by China's expansion estimation of nearly 900,000 bpd this year.
International oil request is prepared to surge by 1.96 million barrels per day (bpd) in 2023 to a peak 101.9 million bpd, the IEA mentioned in its month on month oil market report on Wednesday.
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