Baghdad, Oil prices rose in early trading, today, Thursday, continuing the gains of the previous session, with improved demand expectations in China and growing concerns about the impact of sanctions on Russian supplies.
Brent crude rose 50 cents, or 0.6%, to $83.17 a barrel by 01:35 GMT, and US West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 a barrel, according to Reuters.
Both benchmarks rose 3% in Wednesday’s session, to settle at their highest levels since December 30.
China, the world’s largest oil importer, is reopening its economy after the end of strict restrictions to combat the spread of the Coronavirus, which reinforces optimism that fuel demand will grow in 2023.
The market is preparing for additional restrictions targeting sales of Russian fuel products set to take effect in February, as the European Union continues to work to impose further sanctions on Moscow over the invasion of Ukraine.
Source: National Iraqi News Agency