{"id":10672,"date":"2024-05-09T13:00:59","date_gmt":"2024-05-09T13:00:59","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10672"},"modified":"2024-05-09T13:00:59","modified_gmt":"2024-05-09T13:00:59","slug":"oil-prices-up-with-demand-increase-in-worlds-biggest-consumers","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10672\/","title":{"rendered":"OIL PRICES UP WITH DEMAND INCREASE IN WORLD’S BIGGEST CONSUMERS"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices increased on Thursday, aided by data showing elevated demand appetite in the US and China, the world’s biggest oil consumers, reported Anadolu.<\/p>\n

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International benchmark Brent crude traded at US$83.86 per barrel at 10.07 am local time (0707 GMT), a rise of 0.34 per cent from the closing price of US$83.58 per barrel in the previous trading session.<\/p>\n

American benchmark West Texas Intermediate (WTI) traded at US$79.39 per barrel at the same time, a 0.51 per cent increase from the previous session that closed at US$78.99 per barrel.<\/p>\n<\/div>\n

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US commercial crude oil inventories decreased by 1.4 million barrels to 459.5 million barrels during the week ending May 3, in line with market expectations of a 1.43 million-barrel decline, according to data released by the Energy Information Administration (EIA) late on Wednesday.<\/p>\n

China increased its crude imports last month to 10.88 million barrels per day, up 5.45 per cent year-on-year, according to China’s customs data released on Thursday.<\/p>\n

OPEC’s latest oil market report forecasts a rise of 680,000 barrels per day in China’s demand this year, signalling a positive demand outlook for the rest of the year.<\/p>\n<\/div>\n

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The demand surge among the world’s largest oil consumers supports the upward movement in oil prices.<\/p>\n

Meanwhile, ongoing ceasefire talks in the Gaza Strip are curtailing price rises.<\/p>\n

The talks are continuing in Cairo in the presence of delegations from Qatar, the US, and the Palestinian group Hamas.<\/p>\n<\/div>\n

Updated on