And Bloomberg news agency stated that the price of West Texas Intermediate crude, which is the benchmark for US oil, rose to about $81 a barrel, after declining yesterday by about 2%, in light of the divergence of corporate profits and the decline in economic activity, which reinforced fears of a slowdown in the US economy. On the other hand, China’s abandonment of the restrictions to combat the emerging Corona virus raised hopes for an increase in energy demand in the world’s largest oil importer.
This comes while representatives of the Organization of the Petroleum Exporting Countries (OPEC) said that they expect the Advisory Committee of Ministers of the OPEC Plus grouping to recommend the continuation of current production levels during its meeting next week.
It is noteworthy that crude prices have risen since their decline by about 10% during the first two trading sessions of the current year due to fears of a global economic recession. And hopes for a recovery in the oil price were reinforced with the lifting of restrictions to combat the emerging Corona virus, which could lead to an increase in demand for crude in China.
The price of West Texas Intermediate crude rose by 0.4% to $80.44 a barrel for next March delivery, after rising earlier in the day by 0.7%, while the global benchmark Brent crude oil price increased by 0.5% to $86.57 a barrel for next March delivery.