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[size=36]Oil prices rise due to strong Chinese data and OPEC+ cut expectations[/size]
Economy | 09:08 - 04/09/2023
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Baghdad - Mawazine News
Oil prices rose slightly in Asian morning trade on Monday, as positive economic data from China and the United States, as well as expectations of continued crude supply cuts from major producers, boosted market sentiment.
By 00:15 GMT, Brent crude rose 4 cents to $88.56 a barrel. US West Texas Intermediate crude rose 6 cents, to $85.61.
The sustained upward movement in the price comes after both contracts settled at their highest levels in more than half a year last week, breaking a two-week losing streak.
On the demand side, manufacturing activity in China unexpectedly expanded in August, leading to renewed optimism about the economic growth of the world's largest oil importer.
The sustained upward movement in the price comes after both contracts settled at their highest levels in more than half a year last week, breaking a two-week losing streak.
On the demand side, manufacturing activity in China unexpectedly expanded in August, leading to renewed optimism about the economic growth of the world's largest oil importer.
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