Oil is rising as markets await important Chinese economic data

2023-06-15 01:43:28

Oil prices rose on Thursday, recouping some of the losses incurred the day before on worries about a future US interest rate hike, as markets now look forward to important Chinese economic data for demand indicators.

Brent crude futures rose 21 cents, or 0.3 percent, to $73.41 a barrel by 00:09 GMT.

US West Texas Intermediate crude was $68.50 a barrel, up 23 cents, or 0.4 percent.

The benchmark fell 1.5 percent on Wednesday after the US Federal Reserve expected more interest rate hikes this year, raising fears that higher interest rates could slow the economy and lower demand for oil.

Higher interest rates also support a rally in the dollar, making commodities denominated in the greenback more expensive for holders of other currencies.

The dollar rose 0.5 percent against a basket of currencies in early trading on Thursday.

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