2023-07-20 20:19:18
Thursday 20/July/2023 – 11:16 PM
Oil prices rose slightly today, Thursday, on the back of lower US crude inventories and strong Chinese imports of crude, but the weak demand outlook kept investors cautious.
High oil prices
Brent crude futures rose by 18 cents, or 0.2%, to reach $79.64 a barrel, and US West Texas Intermediate crude rose 28 cents, or 0.4%, to settle at $75.63 a barrel.
The US Federal Reserve is expected to raise the benchmark interest rate by another 25 basis points to a range of 5.25% -5.50% next week, for the last time in the monetary tightening cycle.
The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency said that Chinese demand for oil is expected to continue to rise in the second half of this year, and it remains the main engine of global growth.
Chinese government data showed on Thursday that Beijing’s imports of Russian crude oil hit an all-time high in June, even as discounts diminished against international standards.
Oil prices rose by 1.78% during the past week, to settle at $79.87 a barrel, and exceed the $80 mark, for the first time since April, according to the Central Bank of Egypt.
The Central Bank of Egypt said, in its weekly commentary on global markets, for the period from July 7 to 14, 2023, that the rise in oil prices came with the Chinese government’s announcement of stimulus packages aimed at supporting the real estate sector, which in turn helped improve the outlook for oil demand.
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