Oil prices increase due to Chinese demand optimism, Middle East pressure
Date
12/2/2024 7:20:35 AM
(MENAFN) Oil prices surged on Monday due to demand optimism in China, which is considered the second-biggest oil consumer in the world, and intensified Middle East pressures as Israel remained striking Lebanon despite a cease-fire agreement.
The global oil benchmark of brent crude rose 0.11 percent to USD72.42 per barrel at 11.29 AM local time (0829 GMT), a surge from the prior session's end of USD72.34.
The US benchmark West Texas Intermediate further increased by 0.06 percent to USD68.51 per barrel, compared to USD68.47 at the previous session's end.
China's Caixin manufacturing Purchasing Managers Index (PMI) on Monday came in beyond anticipations at 51.5 for November.
The National Bureau of Statistics PMI on Saturday also surged to 50.3, from 50.1 in October.
The figures raised anticipations that economic activity in the nation is going to develop due to nonstop funding from Beijing.
Pressure rose in the Middle East as the Israeli military kept violating the cease-fire deal that came into effect on November 27.
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