Oil prices rose in Asian trading, on Wednesday, as markets assessed signs of weak demand in China and the possibility of raising US interest rates again in exchange for a possible shortage of supplies.
And by 0305 GMT, Brent crude rose 13 cents, or 0.2 percent, to $ 84.16 a barrel. US West Texas Intermediate crude rose 18 cents, or 0.2 percent, to $79.82.
The two benchmarks lost about 0.5% on Tuesday.
Markets await hints about the path of interest rates when US Federal Reserve officials and policy makers from the European Central Bank, Bank of England and Bank of Japan head to Jackson Hole, Wyoming, for their annual meeting this week.
Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, said concerns about rising interest rates and slowing demand in China are expected to outweigh supply cuts from OPEC+ in the short term.
Demand in China, the world's largest oil importer, is crucial to supporting oil demand through the rest of the year. Its weak growth has disappointed markets with stimulus from the state falling short of expectations.
Markets await hints about the path of interest rates when US Federal Reserve officials and policy makers from the European Central Bank, Bank of England and Bank of Japan head to Jackson Hole, Wyoming, for their annual meeting this week.
Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, said concerns about rising interest rates and slowing demand in China are expected to outweigh supply cuts from OPEC+ in the short term.
Demand in China, the world's largest oil importer, is crucial to supporting oil demand through the rest of the year. Its weak growth has disappointed markets with stimulus from the state falling short of expectations.
