Investors are betting on robust demand in the crude oil market and continuing to drive up oil prices. Brent crude from the North Sea and U.S. light oil WTI each rose by around one percent to $95.49 and $89.35 per barrel.
Industry data showed a surprise drop in U.S. crude inventories, which experts interpreted as indicating stable demand. “Apart from the larger-than-expected drop in U.S. inventories, optimism stemming from unconfirmed news of China’s exit from the zero-covid policy also supported the upward momentum in oil prices,” said Tina Teng, an analyst at broker CMC Markets.
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