Oil prices rose on Thursday as falling US crude inventories amid rising refinery intake and a year-on-year increase in Chinese imports last month supported higher demand expectations for the world’s two largest crude consuming nations.
Brent crude futures for July rose 31 cents, or 0.4 percent , to $83.89 a barrel. US West Texas Intermediate crude for June was up 39 cents, or 0.5 percent to $79.38 per barrel.
“Oil markets were buoyed by a larger-than-expected draw in the US inventory data. The improved China’s trade balance data added to the upside momentum,” said Tina Teng, an independent market analyst, adding that crude prices may continue to track economic factors looking ahead.
