2023-06-17 06:37:00
Oil prices were boosted this week on hopes of growing demand from China
Oil rose in Friday trading and recorded a weekly increase, as the increase in demand from China and the “OPEC +” alliance cut production led to an increase in prices despite expectations of a weak global economy and the possibility of raising interest rates again.
The price of Brent crude rose 94 cents to 76.61 dollars a barrel at the settlement, while West Texas Intermediate crude rose 1.16 dollars to 71.78 dollars a barrel.
Oil prices were boosted this week by hopes of growth in demand from China. China’s refinery output rose in May to its second-highest aggregate level on record. The CEO of Kuwait Petroleum Corporation said that Chinese demand for oil is expected to continue to rise during the second half of the year.
Prices also received support from the voluntary production cuts of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, which took effect in May, as well as additional cuts announced by Saudi Arabia that will start from July.
Government news agencies quoted Russian Energy Minister Nikolai Shulginov as saying it was “realistic” that oil prices would reach around $80 a barrel.
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