{"id":84010,"date":"2023-02-16T09:36:20","date_gmt":"2023-02-16T09:36:20","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-up-with-positive-china-demand-outlook"},"modified":"2023-02-16T09:36:20","modified_gmt":"2023-02-16T09:36:20","slug":"oil-prices-up-with-positive-china-demand-outlook","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-up-with-positive-china-demand-outlook","title":{"rendered":"Oil prices up with positive China demand outlook"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Oil prices increased on Thursday on expectations of a surge in oil demand in China, the world’s largest oil importer.<\/p>\n

International benchmark Brent crude traded at $85.85 per barrel at 09.46 a.m. local time (0646 GMT), up 0.55% from the closing price of $85.38 a barrel in the previous trading session.<\/p>\n

At the same time, American benchmark West Texas Intermediate (WTI) traded at $79.19 per barrel, a 0.76% rise after the previous session closed at $78.59 a barrel.<\/p>\n

China’s economy is expected to recover after the country lifted strict COVID-19 restrictions and opened its doors to international travel.<\/p>\n

With the recovery of the economy, China’s oil demand is expected to rise.<\/p>\n

The International Energy Agency (IEA) estimates that the global oil demand increase will be dominated by China’s growth forecast of around 900,000 bpd in 2023.<\/p>\n

Global oil demand is set to rise by 1.96 million barrels per day (bpd) this year to a record 101.9 million bpd, the IEA said in its monthly oil market report on Wednesday.<\/p>\n

Meanwhile, a larger-than-expected rise in US oil inventories limited price increases.<\/p>\n

US commercial crude oil inventories increased by 3.6% during the week ending Feb. 10, according to data released by the Energy Information Administration (EIA) late Wednesday.<\/p>\n

Inventories rose by around 16.3 million barrels to 471.4 million barrels, against the market expectation of an increase of around 321,000 barrels.<\/p>\n

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

Africa-Press – Kenya. Oil prices increased on Thursday on expectations of a surge in oil demand in China, the world’s largest oil importer. International benchmark Brent crude traded at $85.85 per barrel at 09.46 a.m. local time (0646 GMT), up 0.55% from the closing price of $85.38 a barrel in the previous trading session. At […]<\/p>\n","protected":false},"author":84,"featured_media":84009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-84010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nOil prices up with positive China demand outlook - kenya<\/title>\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\/kenya\/all-news\/oil-prices-up-with-positive-china-demand-outlook\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices up with positive China demand outlook\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Kenya. Oil prices increased on Thursday on expectations of a surge in oil demand in China, the world’s largest oil importer. International benchmark Brent crude traded at $85.85 per barrel at 09.46 a.m. local time (0646 GMT), up 0.55% from the closing price of $85.38 a barrel in the previous trading session. 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