Oil is affected by US Moves and Chinese Statements

  • International
  • 17 May 2023
1

Oil prices rose, moving in a narrow range on contradictory data, as prices were supported by U.S. plans to buy oil for the Strategic Petroleum Reserve, while wildfires in Canada increased supply concerns, but lower-than-expected Chinese consumption and manufacturing data capped gains.

Brent crude futures rose 0.2 percent to $75.44 a barrel, while U.S. West Texas Intermediate crude was at $71.28 a barrel, up 0.14 percent. The two-benchmark indices rose more than one percent in Monday's session, ending a three-session losing streak.

Source: (Asharq Al-Awsat Newspaper, Edited)

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