Crude oil prices rose on Thursday after falling to their lowest level in more than a year the previous session as economic fears in the United States grew. Brent crude traded at $74.28 a barrel earlier today, up 0.80% from the previous trading session’s closing price of $73.69 per barrel.
At the same time, the American benchmark West Texas Intermediate (WTI) was trading at $68.11 per barrel, up 0.74% from the previous session’s closing of $67.61 per barrel. Oil prices climbed somewhat due to anticipation of economic revival in China, the world’s largest oil importer.
The Organization of Petroleum Exporting Countries noted in its monthly report earlier this week that China’s reopening following the relaxation of the stringent zero-COVID-19 policy is projected to generate significant impetus to global economic development.
Fears of an economic downturn and weaker oil demand, on the other hand, continue to dominate the oil market, limiting oil price hikes. Oil prices fell after the failures of Silicon Valley Bank (SVB) and Signature Bank last week.
The larger-than-expected increase in US oil stocks also weighed on oil prices.
US commercial crude oil inventories rose by around 1.6 million barrels to 480.1 million barrels during the week ending March 10, according to data released by the Energy Information Administration late Wednesday. Market expectation was for an increase of 555,000 barrels.
