{"id":14486,"date":"2023-03-01T18:53:21","date_gmt":"2023-03-01T18:53:21","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound"},"modified":"2023-03-01T19:06:41","modified_gmt":"2023-03-01T19:06:41","slug":"oil-increases-as-fresh-china-data-signals-demand-rebound","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound","title":{"rendered":"Oil increases as fresh China data signals demand rebound"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Oil prices rebounded on Wednesday after better-than-expected industrial data from China, the world’s largest oil-importing country, while looming demand issues, including a build in US crude oil inventories and growing fears of further US interest rate hikes, weighed on prices.<\/p>\n

International benchmark Brent crude traded at $84.08 per barrel at 10.09 a.m. local time (0709 GMT), up 0.75% from the closing price of $83.45 a barrel in the previous trading session.<\/p>\n

At the same time, American benchmark West Texas Intermediate (WTI) traded at $77.67 per barrel, a 0.80% increase after the previous session closed at $77.05 a barrel.<\/p>\n

China’s National Bureau of Statistics released much-anticipated data on Tuesday, revealing that Chinese industry activity increased significantly in February.<\/p>\n

The official manufacturing purchasing managers’ index increased to 52.6, signaling further expansion in the world\u2019s second-largest, oil-consuming country.<\/p>\n

The data, which raised positive oil market sentiment and encouraged crude oil purchases, was the highest reading since April 2012, when it reached 53.5.<\/p>\n

Exerting pressure on rebounding demand and oil prices, the American Petroleum Institute (API) announced late Tuesday its estimate of a rise of nearly 6.5 million barrels in US crude oil inventories, relative to the market expectation of a 440,000-barrel increase.<\/p>\n

The US Energy Information Administration’s (EIA) data on oil stocks will be announced later on Wednesday, and if the increase in stock levels is confirmed, prices are expected to decline.<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Oil prices rebounded on Wednesday after better-than-expected industrial data from China, the world’s largest oil-importing country, while looming demand issues, including a build in US crude oil inventories and growing fears of further US interest rate hikes, weighed on prices. International benchmark Brent crude traded at $84.08 per barrel at 10.09 a.m. […]<\/p>\n","protected":false},"author":84,"featured_media":14485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,243,1215,171,233,1217,1216],"class_list":["post-14486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-eritrea","tag-brent","tag-china","tag-eritrea","tag-oil-prices","tag-wti"],"yoast_head":"\nOil increases as fresh China data signals demand rebound - Eritrea<\/title>\n<meta name=\"description\" content=\"Oil prices rebounded on Wednesday after better-than-expected industrial data from China, the world's largest oil-importi ...Oil prices rebounded on Wednesday after better-than-expected industrial data from China, the world's largest oil-importi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil increases as fresh China data signals demand rebound\" \/>\n<meta property=\"og:description\" content=\"Oil prices rebounded on Wednesday after better-than-expected industrial data from China, the world's largest oil-importi ...Oil prices rebounded on Wednesday after better-than-expected industrial data from China, the world's largest oil-importi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-01T18:53:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-01T19:06:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/03\/postQueueImg_1677684214.26.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil increases as fresh China data signals demand rebound\",\"datePublished\":\"2023-03-01T18:53:21+00:00\",\"dateModified\":\"2023-03-01T19:06:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound\"},\"wordCount\":243,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/03\/postQueueImg_1677684214.26.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Brent\",\"CHINA\",\"Eritrea\",\"oil prices\",\"WTI\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-increases-as-fresh-china-data-signals-demand-rebound\",\"name\":\"Oil increases as fresh China data signals demand rebound - 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