Oil prices rise after two weekly losses

Baghdad-INA

Oil prices are heading for a weekly rise today, Friday, after incurring losses for two consecutive weeks, amid optimism about the rise in energy demand in China, the largest importer of crude, and the weakness of the dollar .

Brent crude futures rose 20 cents, or 0.3%, to $75.87 a barrel, while US West Texas Intermediate crude futures rose 16 cents, or 0.2%, to $70.78 a barrel. The two benchmarks rose about 3% during the previous session .

Yesterday's data, Thursday, showed that the production of oil refineries in China increased by 15.4% in May from a year ago, recording the second highest total level ever. 

The CEO of the Kuwait Petroleum Corporation said that: It is expected that the Chinese demand for oil will continue to rise during the second half of the year .

Analysts also expect prices to receive support from the voluntary crude production cuts of the Organization of the Petroleum Exporting Countries (OPEC) and its allies since May and the Saudi cuts in July .



Source: Arabic