Crude benchmarks clocked in 3-month highs on the back of strained supplies
Meanwhile, Chinese officials continue to explore options to revitalize its frail domestic demand situation amid a precarious post-pandemic recovery run.
International benchmarks for crude oil continued their upward journey as prices rose to a three-month high on Tuesday, 25 July 2023, as squeezed supplies and assurance from the Chinese government to bolster the world’s second-largest economy raised optimism.
The crude benchmarks have garnered four consecutive weekly gains galvanized by supply cuts by OPEC+. Meanwhile, Chinese officials continue to explore options to revitalize its frail domestic demand situation amid a precarious post-pandemic recovery run.
Brent crude rose 90 cents currently at $83.64/barrel.
US West Texas Intermediate gained 89 cents concluding at $79.63/barrel.