The Brent Crude Futures for december they went up $2.38, or 2.6%, to $92.41 the barrel. The West Texas Intermediate in the United States (WTI) for delivery in November, which is due on Thursday, it gained $2.73, or 3.3%, at $85.55 a barrel.
In the previous session, contracts fell to their lowest level in two weeks after knowing the plans of the US president, Joe Biden to release more barrels from the Strategic Petroleum Reserve.
Biden said on Wednesday that the United States plans to buy back oil for the reserve if prices fall enough. The release of the reserve would be the last sale of an expected 180 million barrels of oil announced shortly after Russia invaded Ukraine in February.
Crude prices have risen since the Organization of the Petroleum Exporting Countries agreed to cut its production target by about 2 million barrels a day, though that is only expected to include about 1 million barrels of actual output reduction.
Wholesale gas prices in the UK and the Netherlands fell this week on mild weatherthe full storage tanks and the abundant arrivals of liquefied natural gas ships.
China this week delayed the release of some key economic data, a highly unusual move that fuels fears of weak growth.
Nevertheless, there were also some signs of a resurgence in oil demand in Chinasuch as the fact that the private mega-refinery Zhejiang Petrochemical Corp (ZPC) and the state-owned ChemChina received new import quotas.
Source: Ambito
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