Oil closes higher amid optimism about Chinese demand

06/02/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose today, Feb. 6, as traders assessed demand and supply outlook.

 

IEA Executive Director Fatih Birol said that China's economy may be preparing for a stronger-than-expected recovery, which should boost demand for crude oil.

 

Prices were also affected by concerns about supplies, as operations were halted at the Turkish transport terminal in Ceyhan, after the strong earthquake, Reuters reported.

 

The decision to impose a ceiling on the selling price of Russian petroleum products came into effect on Feb. 5.

 

The G7 countries, the European Union and Australia agreed to set a ceiling for the selling price of Russian diesel at $100, with a ceiling for the price of less premium products at $45.

 

Brent crude futures for April delivery were up 1.3%, or $1.05, at $80.99 a barrel, upon settlement.

 

WTI crude for March delivery rose 1%, or 72 cents, to $74.11 a barrel.

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