Oil prices climbed 1% on Thursday, recouping losses from the previous session, as supply tightness and expectations of stronger Chinese demand overrode concerns about an economic slowdown.
Brent crude futures advanced 72 cents, or 0.9 %, to $83.64 barrel, while U.S. West Texas Intermediate (WTI) crude rose to $ 79.56 , up 78 cents, or 1%, heading towards their highest since April 19.
Oil prices declined on Wednesday after data showed US crude inventories fell less than expected and the Federal Reserve raised interest rates by a quarter of a percentage point, leaving the door open to another hike.
As the Fed’s move was well expected, the market focus is turning to the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, which holds its monthly Joint Ministerial Monitoring Committee meeting next week.
Source: Qatar News Agency