Oil prices rise on positive economic outlook in US, China
(MENAFN) Oil values pursued their rising trend on Friday, driven by positivity surrounding economic development in both the US and China.
The globe benchmark brent crude increased by 0.06 percent, hitting USD75.82 per barrel at 11:12 AM local time (0812 GMT), in comparison with USD75.77 at the end of the latest session.
The US benchmark West Texas Intermediate (WTI) enhanced by 0.04 percent, reaching to USD72.78 per barrel, up from its last session end of USD72.75.
The economic viewpoint in the US, in particular after the inauguration of President-elect Donald Trump on January 20, is predicted to affect oil value, particularly via anticipated rising in demand from the glob’s largest crude oil user.
Trump’s approaches are predicted to improve US oil and natural gas use, simplifying worries between market players about demand and moving oil prices higher.
Also, the US Federal Reserve is predicted to decrease interest rates two times during the year, with the first decrease predicted throughout the end of the first half of the year. These rate cuts are predicted to boost economic activity, leading to higher oil request.
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