Brent crude rises above $80

Baghdad-INA

The price of Brent crude oil rose above $80 per barrel today, Thursday, after days of decline in light of concerns about demand and the decline in war risks that stimulated sales operations during the past week.

Brent crude futures rose by $1.3 percent to $80.54 per barrel. US West Texas Intermediate crude futures also increased $1.01, or about 1.3 percent, to $76.34.

This rise comes after the two benchmark crude oils fell to their lowest levels since mid-July yesterday, Wednesday, with concerns about the possibility of supply disruptions in the Middle East receding and concerns about demand in the United States and China increasing.

Data issued by China on Thursday indicate that efforts to control low inflation in the face of weak demand still represent a challenge for policymakers in the country.

Chinese consumer prices fell in October as key measures of domestic demand pointed to weakness not seen since the pandemic period, while increasing deflation in the producer price index cast doubt on the chances of a broad economic recovery.