Oil prices rise for second straight day on Chinese demand hopes

Economies.com
2023-01-27 12:54PM UTC

Oil prices rose in  European trade for the second session, almost hitting multi-week highs and on track  for the third weekly profit in a row on hopes for improving Chinese demand.

 

In addition, major producers are considering another output cut ahead of the OPEC + meeting next week.

 

Global Prices

 

US crude rose 1.5% to $82.40 a barrel, while Brent added 1.4% to $88.58 a barrel, with a session-low at $87.32. 

 

US crude rose 0.8% on Thursday while Brent added 1.25%, resuming gains after a two-day hiatus off multi-week highs. 

 

Global oil prices are up 1% so far this week on track for the third  weekly profit in a row. 

 

Chinese Demand

 

The International Energy Agency said that lifting Covid 19 restrictions in China is expected to increase global demand to record highs this year.

 

Analysts already pointed to a 22% jump in road traffic in China so far this month compared to last year.

 

OPEC +

 

Reuters reported that countries in OPEC + are discussing another supplies cut a week before their meeting in Vienna.

 

Will Oil Prices return above $90 once again?

 

Energy experts expect global oil prices to continue improving and reaching above $90- a barrel as demand in China in particular rebounds in the first quarter of the year. 

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