2024-01-25 20:52:35
Live: Oil prices jumped at the close of trading on Thursday, with demand expectations rising thanks to strong economic growth in the United States.
Brent crude prices rose by 97 cents, or 3.05 percent, which is equivalent to $82.48 per barrel, and US West Texas Intermediate crude oil increased by $3.06, or 2.29 percent, which is equivalent to $77.38 per barrel.
The rise in prices came due to fears of supply shortages, following US crude inventory data showed a decline of 9.2 million barrels last week.
Tensions in the Middle East region contributed to increasing demand for purchases. Also due to expectations of economic recovery and more stimulus measures in China, as the Chinese Central Bank announced yesterday, Wednesday, a reduction in banks’ reserve requirements. This would pump regarding $140 billion into the banking system, sending a strong signal to support the faltering economy and declining stock markets.
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