Reports in the US have raised expectations of higher crude demand, despite concerns about lower imports from China.
The oil prices rose on Thursday after strong economic data from USA fueled expectations of stronger crude demand, but gains were limited by concerns about lower crude imports from China.
The futures of the Brent rose 66 cents, or 0.81%, to $82.37 a barrel. U.S. crude West Texas Intermediate (WTI) for September it gained 69 cents, or 0.89%, to $78.28.
Both benchmarks rose on Wednesday, breaking consecutive sessions of declines after the Energy Information Administration (EIA)for its acronym in English) said that crude oil inventories USA fell more than expected, to 3.7 million barrels last week.
The push for US data
The data of the Department of Commerce Thursday showed that the American economy grew faster than expected in the second quarter, while inflation eased, boosting expectations that the Federal Reserve (Fed) would lower the interest rates in September. Lower rates would boost economic activity, which could increase consumer spending. Petroleum.
“The data of the GDP “The US economy is moving at a pretty good pace,” he said. Bob Yawger, “It’s an indication that we’re going to have a ‘soft landing,'” referring to a scenario in which inflation is controlled without triggering a painful recession or a big price increase. unemployment.
Earlier, the central bank of China unexpectedly cut interest rates in a move to shore up its ailing economy.
The imports China’s oil output and refinery runs this year have trended lower compared with 2023 due to weaker fuel demand amid slow economic growth, government data showed.
In Middle East, efforts to reach a ceasefire agreement to end the war in Loop between Israel and the militant group Hamas have gained momentum in the past month. A breakthrough could reduce persistent threats to supply and push prices lower.
Source: Ambito
