Oil rises as investors study demand outlook

Oil drilling rigs

Oil prices rose today, Feb. 23, as focus shifted to the global demand outlook.

International benchmark Brent crude was trading up 0.40% at $80.92 a barrel, at 8:55 am Makkah time.

West Texas Intermediate (WTI) crude rose 0.45% to $74.30 a barrel.

The US benchmark grade closed lower for the sixth consecutive session on Feb. 22, recording its longest streak of losses for this year, after it came under pressure from investors' assessment of the possibility of tightening monetary policy.

Minutes from the latest US Federal Reserve meeting showed that the desire to continue raising interest rates to contain inflation, despite the acknowledgment of its decline in the past months.

Today's gains were also supported by prospects for demand growth, especially from China, and the decline in the value of the dollar.

The US Dollar Index — a measure of the value of the greenback against a weighted basket of major currencies — fell 0.20% to 104.38 points. The dollar affects commodity prices denominated in the US currency.

On Feb. 22, Morgan Stanley raised its estimates for global oil demand growth this year by 36% to 1.9 million barrels per day, driven by expectations of improved consumption in China and the aviation sector.