(MENAFN) Oil rates saw a notable increase on Thursday, bolstered by encouraging data indicating heightened demand in both the United States and China, the world's leading oil consumers.
At 10:07 AM local time (0707 GMT), the international benchmark Brent crude was trading at USD83.86 per barrel, which marks a modest 0.34 percent uptick from the previous session's closing price of USD83.58 per barrel.
Similarly, the American benchmark West Texas Intermediate (WTI) stood at USD79.39 per barrel at the same time, reflecting a 0.51 percent increase compared to the previous session's close of USD78.99 per barrel.
According to figures released by the Energy Information Administration (EIA) late on Wednesday, US commercial crude oil inventories experienced a decline of 1.4 million barrels to reach 459.5 million barrels for the week ending May 3. This decrease aligns closely with market expectations of a 1.43 million-barrel downturn.
Meanwhile, China's crude imports surged last month to 10.88 million barrels per day, marking a substantial 5.45 percent increase compared to the previous year, as per China's customs data released on Thursday.
The latest oil market report from the Organization of the Petroleum Exporting Countries (OPEC) forecasts a notable rise of 680,000 barrels per day in China's demand for this year, signaling a positive outlook for demand throughout the remainder of the year.
The surge in demand from the world's largest oil consumers has contributed significantly to the upward trajectory of oil rates.
In addition, ongoing cease-fire negotiations in the Gaza Strip are playing a role in tempering the ascent of oil rates.
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