Oil rise amid China's upbeat demand outlook

20/07/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices moved higher, on July 20, driven by bullish outlook for Chinese economic recovery after data showed increased demand for crude in China.

 

China's imports of Russian crude hit an all-time high of 2.57 million barrels per day in June, surpassing the record level reached in May, Chinese official data showed today.

 

China imported 11.4 million barrels per day of crude during the first six months of 2023, up 11.7% compared with a year earlier and 15.3% compared with pre-COVID-19 levels, the Financial Times reported.

 

Brent crude for September delivery increased 0.2%, or $0.18, to close at $79.64 a barrel.

 

US West Texas Intermediate (WTI) crude for August delivery rose 0.35%, or $0.28, to $75.63 a barrel.

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