Oil up with growing demand appetite in world's top consumers

By Zeynep Beyza Kilic

Oil prices rose on Friday amid figures showing growing demand in the US and China, the world's biggest oil consumers.

International benchmark Brent crude traded at $83.62 per barrel at 11.08 a.m. local time (0808 GMT), up 0.80% from the closing price of $82.96 a barrel at the previous trading session.

American benchmark West Texas Intermediate (WTI) traded at $79.73 per barrel, a 1.01% rise from the previous session, which closed at $78.93 per barrel.

Data showing a rise in gasoline demand in the US, the world's biggest oil consumer, aided the rise in oil prices.

Gasoline and distillate fuel oil inventories fell by around 4.5 million barrels and 4.1 million barrels, respectively, said Energy Information Administration data.

Stocks for both sources declined more than market expectations, indicating a high level of demand in the US.

Imports of crude oil in China, the world's largest crude importer and second-biggest oil consumer, climbed 5.1% in the first two months of the year compared to last year, according to the General Administration of Customs.

Data indicates a recovery in demand appetite in the country following economic struggles in the aftermath of COVID-19.

Oil prices also got upward support following a speech by US Federal Reserve Chairman Jerome Powell signaling that the Fed may cut interest rates sooner rather than later.

Powell said that they are "not far" from the confidence required to loosen monetary policy, adding that policymakers are aware of the risks that will occur if interest rates are cut too late.