{"id":32870,"date":"2023-01-25T11:44:13","date_gmt":"2023-01-25T11:44:13","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china"},"modified":"2023-01-25T12:05:53","modified_gmt":"2023-01-25T12:05:53","slug":"oil-up-on-expectations-of-demand-rebound-in-china","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china","title":{"rendered":"Oil up on expectations of demand rebound in China"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Oil prices rose on Wednesday over expectations of a strong rebound in demand from China, the world\u2019s largest crude importer, while an expected rise in US crude oil stockpiles limited further price upticks.<\/p>\n

International benchmark Brent crude traded at $86.58 per barrel at 09.56 a.m. local time (0656GMT), a 0.52% increase from the closing price of $86.13 a barrel in the previous trading session.<\/p>\n

American benchmark West Texas Intermediate (WTI) traded at $80.42 per barrel at the same time, a 0.36% gain after the previous session closed at $80.13 a barrel.<\/p>\n

Although long-term lockdowns and strict restrictions restrained China\u2019s economic growth since the beginning of the COVID pandemic, experts are hopeful for an economic rebound as life is gradually normalizing in the world\u2019s second-largest oil consuming country.<\/p>\n

Positive sentiment also fuels hopes for strong demand, but concerns over renewed restrictions remain as China\u2019s Lunar New Year holiday which started on Saturday is expected to bring together millions of people.<\/p>\n

Limiting further price increases, the American Petroleum Institute (API) reported its estimate of a surge of almost 3.4 million barrels in US crude oil stocks late Tuesday in contrast to the market consensus of a 1.6 million-barrel rise.<\/p>\n

A higher-than-expected stockpile increase signals a drop in crude demand, weighing prices down.<\/p>\n

The US Energy Information Administration (EIA) will release official oil stock data later Wednesday, and if the estimated build in stock levels is confirmed, prices are expected to fall further.<\/p>\n

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

Africa-Press – Mozambique. Oil prices rose on Wednesday over expectations of a strong rebound in demand from China, the world\u2019s largest crude importer, while an expected rise in US crude oil stockpiles limited further price upticks. International benchmark Brent crude traded at $86.58 per barrel at 09.56 a.m. local time (0656GMT), a 0.52% increase from […]<\/p>\n","protected":false},"author":84,"featured_media":32869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-32870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nOil up on expectations of demand rebound in China - Mozambique<\/title>\n<meta name=\"description\" content=\"Oil prices rose on Wednesday over expectations of a strong rebound in demand from China, the world\u2019s largest crude impor ...\" \/>\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\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil up on expectations of demand rebound in China\" \/>\n<meta property=\"og:description\" content=\"Oil prices rose on Wednesday over expectations of a strong rebound in demand from China, the world\u2019s largest crude impor ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-25T11:44:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-25T12:05:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/01\/postQueueImg_1674634461.42.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\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil up on expectations of demand rebound in China\",\"datePublished\":\"2023-01-25T11:44:13+00:00\",\"dateModified\":\"2023-01-25T12:05:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china\"},\"wordCount\":257,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/01\/postQueueImg_1674634461.42.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-up-on-expectations-of-demand-rebound-in-china\",\"name\":\"Oil up on expectations of demand rebound in China - 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