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Oil prices are rising, supported by the recovery of Chinese demand

Adel 13 March, 2023 12:07 pm Commodities, Market Update

Oil prices rose on Monday after a weak start as recovering Chinese demand and a weaker dollar supported a market wary of further hikes in US interest rates.

By 0410 GMT, Brent crude futures rose 19 cents to $82.97 a barrel. West Texas Intermediate crude futures rose 20 cents, or 0.26 percent, to $76.88 a barrel.

Market sentiment is fragile as fears of the US Federal Reserve’s move to further monetary tightening have increased due to rising crude oil inventories in the United States, analysts at (YNZ Bank) said in a note on Monday morning.

A weaker dollar makes oil cheaper for holders of other currencies, which supports oil prices.

Prices were also supported by comments made by Amin Nasser, CEO of Saudi Aramco, on Sunday regarding Chinese demand for crude.

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