Oil prices closed higher, with Brent crude oil recording its first weekly gain in three weeks.
Brent crude price rose at settlement by 71 cents, or 0.85%, at $83.98 per barrel. US West Texas Intermediate crude also rose by 83 cents, or 1.05%, to $80.06 per barrel at settlement.
Over the course of the week, Brent rose about 1%, while WTI rose 2%.
China’s industrial output improved, rising by 6.7% year-on-year in April, with the pace of recovery in the manufacturing sector accelerating, indicating the possibility of increased demand for oil in the future by the world’s second-largest economy.
The number of oil and gas rigs, an early indicator of future production, rose by one rig to 604 in the week ending May 17.
According to data on Wednesday: ‘Consumer prices in the United States rose less than expected in April, which strengthened expectations that interest rates would be reduced soon.’
Source: National Iraqi News Agency