KONTAN.CO.ID - LONDON. Oil prices edged higher on Friday on hopes of a Chinese demand boost, but the broader global economic outlook kept crude benchmarks on course for a weekly decline. Brent crude futures rose 56 cents, or 0.71%, to $79.25 a barrel by 1009 GMT. U.S. West Texas Intermediate crude futures were up 60 cents, or 0.81%, at $74.27. Both contracts rose by more than $1 earlier in the session. China, the world's largest crude oil importer, expects passenger traffic by road, rail, water and air during the coming Lunar New Year holidays to double from the same period in 2022.
Oil Prices Firm on China Demand Hopes
KONTAN.CO.ID - LONDON. Oil prices edged higher on Friday on hopes of a Chinese demand boost, but the broader global economic outlook kept crude benchmarks on course for a weekly decline. Brent crude futures rose 56 cents, or 0.71%, to $79.25 a barrel by 1009 GMT. U.S. West Texas Intermediate crude futures were up 60 cents, or 0.81%, at $74.27. Both contracts rose by more than $1 earlier in the session. China, the world's largest crude oil importer, expects passenger traffic by road, rail, water and air during the coming Lunar New Year holidays to double from the same period in 2022.