China Demand Optimism And Supply Forecast Worries, Cause Oil To Climb.

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Optimism about China’s demand rebound, worries that underinvestment could constrain future oil supplies, and major producers maintaining output limitations all contributed to an increase in oil prices.

Around 7:20 GMT, Brent crude increased 70 cents, or 0.8%, to $83.70 per barrel. The expiration price of U.S. West Texas Intermediate (WTI) oil was $76.89 a barrel, up 55 cents or 0.7%. The greatest consumer of crude oil worldwide is China.

According to analysts, China’s oil imports will reach a record high in 2023 as a result of rising demand for transportation fuel and the startup of new refineries.


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