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Oil prices firm for a second session on upbeat US economic data

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Shadia Nasrallah

LONDON (Reuters) – Crude oil prices rose on Friday, boosted by better-than-expected U.S. economic growth, stronger middle distillate refining margins and hopes of a rapid recovery in Chinese demand2. It rose in the second trade.

Brent futures rose $1.15 (1.3%) to $88.62 a barrel by 0930 GMT. US crude also rose 1.3% to $82.02, up $1.01.

Both benchmarks rose more than 1% on Thursday, heading for a third straight week of gains.

OPEC+ delegations will meet next week to review oil production levels, and sources at the oil producers’ group expect no change to current production policies.

The Federal Reserve’s next rate decisions will be made at its January 31-February 1 meeting on the back of better-than-expected 2.9% inflation and gross domestic product growth in the fourth quarter. I plan to

“A series of positive data has pushed oil prices higher,” said PVM analyst Stephen Brennock.

The rise in US crude was tempered this week by a 4.2 million barrel increase in inventories at Cushing, the pricing hub for NYMEX crude futures. [EIA/S]

In a report, JPMorgan pointed to major refinery maintenance and shutdowns, as well as Europe’s ban on Russian refined products from February 5. I think that’s behind the bullishness of .

In China, the number of severe cases of COVID-19 has fallen by 72% from its peak earlier this month, and the number of daily deaths of COVID-19 patients in hospitals has fallen by 79% from its peak, signaling the normalization of the Chinese economy. indicating a recovery in oil demand.

(Reporting by Shadia Nasralla; additional reporting by Sudarshan Varadhan from Singapore; editing by David Goodman)

(Only the headlines and photos in this report may have been modified by Business Standard staff. The rest of the content is auto-generated from syndicated feeds.)

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