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Oil prices rise slightly backed by reduced crude inventoriesChina’s oil imports rose by nearly half in June on a yearly basis and imports of crude oil from Russia alone in June reached an all-time high. |
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International benchmarks for crude oil edged up marginally on Thursday, 20 July 2023 spurred by reduced US crude inventories and rising crude imports by China however, demand continues to be a cause for concern, keeping investors on their toes.
China’s oil imports rose by nearly half in June on a yearly basis and imports of crude oil from Russia alone in June reached an all-time high. OPEC+ expects demand in China to continue growing during the second half and remain the main driver of global growth.
Brent crude climbed 18 cents or 0.2% at $79.64/barrel.
US West Texas Intermediate went up 28 cents or 0.4% at $75.63/barrel.
