Oil Up As Strong US Economic Data Lifts Up Market Sentiment
Faizan Hashmi Published January 27, 2023 | 03:30 PM
ANKARA , (UrduPoint / Pakistan Point News - 27th Jan, 2023 ) :Oil prices increased on Friday over demand optimism after better-than-expected economic data in the US and hopes that the Chinese economy will recover from the wounds of COVID-19 pandemic.
International benchmark Brent crude traded at $87.82 per barrel at 0656GMT, a 0.40% increase from the closing price of $87.47 a barrel in the previous trading session.
The American benchmark West Texas Intermediate (WTI) traded at $81.34 per barrel at the same time, a 0.40% gain after the previous session closed at $81.01 a barrel.
The US economy expanded 2.9% in the fourth quarter of 2022, coming higher than the market estimate of 2.6%, according to the Commerce Department's first reading released on Thursday.
The stronger-than-expected figure calmed fears that the Federal Reserve's rate hikes could cause a recession in the US economy this year.
The price upticks were limited by the country's rising crude oil inventories, which indicate falling demand.
US commercial crude oil inventories increased by 0.1% during the week ending Jan. 20, according to data released by the Energy Information Administration (EIA) late Wednesday.
Inventories rose by around 500,000 barrels to 448.5 million barrels against the market expectation of an increase of around 3.4 million barrels.
The Chinese economy had one of its worst performances in decades last year as growth was dragged down by numerous COVID-19 lockdowns followed by a deadly outbreak in December that swept across the country with remarkable speed.
China grew 3% for the year, as numbers released Tuesday showed, much less than in 2021 and short of Beijing's target of 5.5%.
However, hopes for a stronger demand in China rose after the country decided to lift all pandemic restrictions.
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Miscellaneous
-
Modern Education Techniques: A pathway to achieve economic development
3 hours ago -
Kite Flying: From cultural festival to deadly sport
3 hours ago -
PDMA predicts gusty wind, rain with thunder, hails
3 days ago -
Iranian president Raisi given guard of honour at PM House
4 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
5 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
5 days ago
-
Cattle farming vital to alleviate poverty in rural areas
5 days ago -
Pakistan: A land of tourism, archeological wonders
5 days ago -
Transforming education sector: from job hunters to job creators
7 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
11 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
12 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
12 days ago