Brent Crude (...+2.80%
F WBS+2.57%
Oil prices rise 1% on positive China outlook
The prices of oil futures rebounded on Thursday, erasing a portion of yesterday's losses prompted by the crisis in the financial sector across the globe.
The appetite for crude seemingly rose following Goldman Sachs' most recent forecast regarding China's gross domestic product (GDP) growth in 2023. The estimate was raised from 5.5% to 6% on the back of the country reopening after struggling with the COVID-19 pandemic for a prolonged period of time. Additionally, the International Energy Agency (IEA) stated that China's recovery is expected to boost the demand for oil to record levels in the second half of this year.
West Texas Intermediate (WTI) for settlements in April increased 1.05%, to sell at $68.34 per barrel at 4:54 am ET. Brent for deliveries in May advanced 0.99%, to go for $74.50 per barrel at the same time.