Oil prices rise, despite US crude inventory hike

Published February 16th, 2023 - 08:19 GMT
Oil prices

ALBAWABA - Oil prices rose at the beginning of Asian trading Thursday amid expectations of an increase in demand for fuel in the current year.

Brent crude futures rose by 0.7 percent to record $85.97 a barrel, while U.S. West Texas Intermediate crude futures rose by 0.9 percent to record $79.32 a barrel.

The International Energy Agency expected on Wednesday that the demand for oil worldwide will rise by 2 million barrels per day in 2023 to reach its highest level ever, due to a high demand in China.

The agency stated that the global demand for oil will reach a record level of 101.9 million barrels per day in 2023.

According to the agency, Chinese demand will rise by 900,000 barrels per day, given that Beijing is moving towards reopening its economy for the first time since the beginning of COVID-19, after easing restrictions related to the pandemic.

The rise in oil prices ignored the large increase in U.S. crude inventories.

U.S. Energy Information Administration announced earlier that U.S. crude oil inventories jumped last week by 16.3 million barrels to 471.4 million barrels, the highest level in two year

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