WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Thursday as hopes about higher demand from China outweighed data showing a jump in U.S. crude inventories in the week ended January 13th.
International Energy Agency head Fatih Birol said today that energy markets could be tighter this year if the Chinese economy rebounds and the Russian oil industry struggles under sanctions.
According to reports, Chinese oil demand increased by nearly 1 million barrels per day to 15.41 million barrels per day in November 2022, the highest level in about nine months.
West Texas Intermediate Crude oil futures for February ended higher by $0.85 or about 1.1% at $80.33 a barrel.
Brent crude futures were up $1.25 or nearly 1.5% at 86.23 a barrel a little while ago.
Data from U.S. Energy Information Administration (EIA) showed crude inventories in the U.S. rose by 8.4 million barrels last week, as against forecast for a decline of 593,000 barrels.
Gasoline stockpiles increased by 3.483 million barrels last week, higher than an expected increase of 2.529 million barrels. Meanwhile, distillate stockpile dropped 1.939 million barrels in the week, as against expectations for a rise of 122,000 barrels.
Data released by the American Petroleum Institute (API) on Wednesday showed U.S. crude inventories rose by 7.6 million barrels during the week ended January 13, defying expectations for a drop in investors for a second week in a row.
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