Oil stable after two-session rise

02/03/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Crude oil prices were stable today, March 2, amid optimism about demand in China, as well as concerns about tightening US monetary policy.

 

International benchmark Brent crude was trading at $84.31 a barrel, at 9:10 am Makkah time.

 

West Texas Intermediate (WTI) crude was at $77.67 a barrel, after gaining nearly 3% over the past two sessions.

 

US Energy Information Administration data showed that oil stocks rose by 1.2 million barrels in the week ended Feb. 24, to 480.2 million barrels – the highest level since May 2021.

 

Latest government data showed that crude oil processed by Indian refineries reached record levels in January, as the country boosted its imports of Russian oil.

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