Oil market advanced on strong Chinese demand, tighter supply outlook
International benchmarks for crude oil ended the week on Friday, 16 June 2023 with gains following reports showing Chinese refinery throughput rose to the second-highest levels on record in May
International benchmarks for crude oil ended the week on Friday, 16 June 2023 with gains following reports showing Chinese refinery throughput rose to the second-highest levels on record in May while industry experts expect further strengthening in Chinese demand moving forward. Adding to the upward pressure is the voluntary output cuts by OPEC in May, and by Saudi Arabia in July.
Brent added 94 cents to close at $76.61/barrel.
WTI increased $1.16 to settle at $71.78/barrel.