{"id":18201,"date":"2023-06-16T11:01:34","date_gmt":"2023-06-16T11:01:34","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-rise-with-heightened-demand-hopes-in-china"},"modified":"2023-06-16T11:11:11","modified_gmt":"2023-06-16T11:11:11","slug":"oil-prices-rise-with-heightened-demand-hopes-in-china","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-rise-with-heightened-demand-hopes-in-china","title":{"rendered":"Oil prices rise with heightened demand hopes in China"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Oil prices increased on Friday with optimism surrounding an increase in energy demand in China and the weaker dollar index.<\/p>\n

International benchmark Brent crude traded at $75.80 per barrel at 9.54 a.m. local time (0654 GMT), a 0.17% rise from the closing price of $75.67 a barrel in the previous trading session on Wednesday.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at the same time at $70.70 per barrel, up 0.11% from the previous session’s close of $70.62 per barrel.<\/p>\n

The expectation of a Chinese economic recovery, which some market participants predict would drive crude demand to record highs, was further buoyed by a series of interest rate reductions this week.<\/p>\n

Also, China’s oil refinery production reached record high levels with an increase of 15.4% in May compared to the same month last year. Analysts expect oil demand in the world’s largest crude oil importer to continue to increase in the second half of the year.<\/p>\n

Such positive economic growth statistics are fueling expectations of a spike in Chinese demand.<\/p>\n

The US dollar index, which measures the value of the American dollar against a basket of currencies, including the Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, fell 0.05% to 101.668 early Friday.<\/p>\n

This declining dollar is reflected in cheaper dollar-indexed crude for buyers holding other currencies, encouraging more trade and ultimately pushing prices higher.<\/p>\n

Meanwhile, the possibility of further interest rate increases later in the year by the US Federal Reserve and other global central banks continues to weigh on oil prices.<\/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 increased on Friday with optimism surrounding an increase in energy demand in China and the weaker dollar index. International benchmark Brent crude traded at $75.80 per barrel at 9.54 a.m. local time (0654 GMT), a 0.17% rise from the closing price of $75.67 a barrel in the previous trading session […]<\/p>\n","protected":false},"author":84,"featured_media":18200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,243,1215,233,1217,2525],"class_list":["post-18201","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-eritrea","tag-oil-prices","tag-west-texas-intermediate-wti"],"yoast_head":"\nOil prices rise with heightened demand hopes in China - Eritrea<\/title>\n<meta name=\"description\" content=\"Oil prices increased on Friday with optimism surrounding an increase in energy demand in China and the weaker dollar ind ...\" \/>\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-prices-rise-with-heightened-demand-hopes-in-china\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices rise with heightened demand hopes in China\" \/>\n<meta property=\"og:description\" content=\"Oil prices increased on Friday with optimism surrounding an increase in energy demand in China and the weaker dollar ind ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-rise-with-heightened-demand-hopes-in-china\" \/>\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=\"2023-06-16T11:01:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-16T11:11:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/06\/sm_1686897584.989822.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-prices-rise-with-heightened-demand-hopes-in-china#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-rise-with-heightened-demand-hopes-in-china\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices rise with heightened demand hopes in China\",\"datePublished\":\"2023-06-16T11:01:34+00:00\",\"dateModified\":\"2023-06-16T11:11:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-rise-with-heightened-demand-hopes-in-china\"},\"wordCount\":271,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-rise-with-heightened-demand-hopes-in-china#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2023\/06\/sm_1686897584.989822.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Brent\",\"Eritrea\",\"oil prices\",\"West Texas Intermediate (WTI)\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-rise-with-heightened-demand-hopes-in-china#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-rise-with-heightened-demand-hopes-in-china\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-rise-with-heightened-demand-hopes-in-china\",\"name\":\"Oil prices rise with heightened demand hopes in China - 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