Oil prices rise over 1%, record weekly gains

03/03/2023 Argaam

Oil prices rose on March 3, buoyed by positive outlook about crude demand.

 

China's service sector activity expanded at the fastest pace in six months, days after data showed a strong rise in the industrial sector.

 

The oil market was also boosted by a weaker US dollar, after the Fed officials pointed to the continued slow interest rate hikes.

 

The US drilling rig count fell eight units to 592 in the week ended March 3, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

Brent crude for May delivery rose 1.3% at $85.83 a barrel, with weekly gains of around 3.2%.

 

West Texas Intermediate (WTI) crude for April delivery closed 1.9% higher at $79.68 a barrel, with weekly gains of 4.4%.

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