Oil prices rose during trading on Wednesday, in conjunction with signs of an improvement in crude consumption in China, with the lifting of closure restrictions related to the (Covid-19) epidemic that led to a decline Request above.
Bloomberg, citing people familiar with the energy industry, said China's total gasoline and diesel consumption last month was nearly 90% of June 2019 levels< /p>
The rise in oil today came after sharp declines yesterday, as banks, including (Goldman Sachs) believe that the recent decline, driven by fears of global recession, was exaggerated, especially with the improvement of expectations Demand in China.
While the potential for a recession is already rising, it is too early for the oil market to succumb to such fears, Goldman Sachs analysts including Damien Corvalin said in a note. The global economy is still growing, and higher oil demand this year is expected to support GDP growth.
In terms of today's trading, Brent crude futures for September delivery rose 0.87%, or about 87 cents, to reach $103.68 a barrel, and US crude futures for delivery rose by 0.87%, or about 87 cents, to $103.68 a barrel. August by 0.51%, or the equivalent of 61 cents, to reach $100.11 a barrel.
