Oil rises 1% to hit 1-week high on demand optimism in China, US; Brent nears $84

, and Summarizely AI

May 10, 2024 . 12:06 AM

1 min read

Oil rises 1% to hit 1-week high on demand optimism in China, US; Brent nears $84 — Brent futures last rose 40 cents, or 0.5 per cent, to $83.98 a barrel, while US West Texas Intermediate crude rose 46 cents, or 0.6 per cent, to $79.45. That put both benchmarks on track for their highest closes since April 30.

Oil prices rose by 1% to reach a one-week high due to growing optimism about demand in China and the US. Brent futures increased by 0.5% to $83.98 a barrel, while US West Texas Intermediate crude rose by 0.6% to $79.45. This marks the highest closes for both benchmarks since April 30. The rise in prices comes as economic data from the two largest crude-consuming nations suggests an increase in demand. This rebound precedes the output policy decision by OPEC+ scheduled for June 1, 2024.

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