Oil rises for 4th day as supply cuts support Chinese demand | – #Oil #rises #4th #day #supply #cuts #support #Chinese #demand
SINGAPORE, Feb 9 (Reuters) – Oil rose in early trade on Thursday, extending gains for a fourth straight day, as optimism over Turkey’s crude loading freeze and China’s recovery in demand continued to bolster sentiment.
Brent crude futures were up 14 cents, or 0.2%, at $85.26 a barrel by 0239 GMT. USAWest Texas Intermediate (WTI) crude oil futures rose 11 cents or 0.2% to 78.58 a barrel. dollars has been
Both indices have gained more than 6% so far this week.
BP Azerbaijan early Monday morning Turkey and from the port of Ceyhan, Turkey, on February 7, following a strong earthquake in Syria Azerbaijan declared a force majeure situation in the transportation of crude oil. The natural disaster halted operations in Ceyhan and stopped the flow of crude oil from Iraq and Azerbaijan.
Hopes of faster demand from China also supported oil prices as the world’s second-biggest oil consumer ended more than three years of strict zero-Covid policies involving city-wide lockdowns and mass testing in December.
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“We Ukraine–Russia “We continue to expect conflict-related sanctions and China to be the main price driver in the next 12 months, when oil prices are more likely to rise through 2023,” NAB Commodities Research analysts noted. .
However, USAThe increase in crude oil reserves puts pressure on oil revenues. Stocks rose last week to 455.1 million barrels, the highest level since June 2021.
Reporting by Muyu Xu; Edited by Jacqueline Wong
Our standards: Thomson Reuters Trust Principles.
2023-02-09 07:11:41
Source – reuters
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