And Bloomberg News Agency stated that the price of West Texas Intermediate crude, which is the benchmark for US oil, rose during trading today, Thursday, to more than $ 78 a barrel, to record the longest continuous period of rise since last February.
Bloomberg indicated that China’s purchases of crude increased after increasing import quotas for local companies. Companies have intensified their purchases of US and West African crude over the past few days.
Analyst at PVM Oil Associates, Tamas Varga, said the general mood in the market was optimistic without reservations. “But we have to remember that it could change quickly and improve quickly if inflationary pressures persist.”
The recent rise in oil prices comes after its rapid decline at the beginning of this year due to fears of global recession and the decline in energy demand in general.
At around 10:30 a.m. London time, the price of West Texas Intermediate crude oil rose by 1.1% to $78.25 a barrel for next February delivery. The price of Brent crude, the global oil benchmark, rose 1.1% to $83.57 a barrel for next March delivery.