Oil prices rise slightly backed by reduced crude inventories
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.
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.