Oil prices rose on Friday on hopes that China, the world’s largest crude importer, would increase its demand. Brent crude increased 0.15 percent to $78.81 a barrel at 10.00 GMT+1.
The latest oil price rise has been linked to the restarting of economic activities in China and the support interventions announced by the authorities for the country’s real estate sector.
In a move that could bolster oil demand, China said daily passenger flights scheduled during the upcoming Lunar New Year, starting Saturday, averages about 11,000 — 73 percent of the pre-COVID-19 level in 2019. Th Asian nation has also ended its stringent zero-COVID policy, leading to a surge in COVID infections across the country.Meanwhile, in the US, data from the Energy Information Administration showed on Thursday, that distillate inventories, which include diesel and heating oil, dropped more than expected in the week to December 30.Advertisement
Edward Moya, senior market analyst at Oando, said: “Oil is trying to rally but demand concerns are keeping the gains small.”
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