Oil prices rise as China demand outlook improves
Date
12/27/2024 5:22:06 PM
(MENAFN) Oil rates rose a little on Friday after demand optimism in China, the glob’s hugest crude oil distributor, while the strong US dollar capped profits.
The global benchmark brent crude increased by 0.36 percent to USD72.98 per barrel at 10.42 AM local time (0742 GMT), starting from USD72.72 at the close of the latest session.
The US benchmark West Texas Intermediate (WTI) also rose by 0.39 percent to USD69.67 per barrel, in comparison to its previous session close of USD69.39.
A holiday-shortened week resulted in low volumes in the oil markets.
Values were pushed by demand optimism in China, the glob’s hugest crude oil distributer. The World Bank on Thursday increased its predictions for China's economic improvements in 2024 and 2025.
On Thursday the nation also revised up the size of its economy by 2.7 percent to 129.4 trillion yuan.
Nevertheless, a stronger US currency weighed on oil prices, limiting gains. A higher dollar increases the price of oil for holders of other currencies.
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