WASHINGTON (dpa-AFX) - Crude oil prices rose sharply on Thursday, buoyed by reports saying a jump in demand from Chinese refineries, and additional stimulus from the Chinese central bank.
The dollar's weakness contributed as well to the uptick in oil prices. The dollar index dropped to 102.12, losing about 0.8%.
West Texas Intermediate Crude oil futures ended higher by $2.35 or about 3.4% at $70.62 a barrel.
Brent crude futures were up $2.50 or 3.4% at $75.70 a barrel a little while ago.
According to data from China, the nation's oil refinery throughput in May rose 15.4% from a year earlier, hitting its second highest total on record.
China's central bank today cut its one-year medium-term lending facility rate by 10 basis points to 2.65%, marking the first rate cut in 10 months.
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