Oil price news: Oil rises on U.S. physical market’s strength, China demand hopes
BNN Bloomberg
Oil rose as physical markets in the U.S. strengthened and demand from China showed signs of picking up.
West Texas Intermediate futures climbed 1.4 per cent to settle above US$77 a barrel, while Brent advanced to top $82. Trading volumes were muted as several market participants attend International Energy Week in London, a major industry gathering, where they are set to weigh the outlook for oil this year.
US physical crude prices strengthened in recent weeks to the highs of the year as refineries benefiting from strong margins snapped up barrels and foreign buyers turned to American crude to avoid Red Sea shipping issues.
Prices also got support from a brief shutdown in exports from an oil field in western Libya during the weekend and stepped-up US and allied strikes on Houthi targets to combat commercial shipping disruptions in the Red Sea region.
