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Oil rises to the highest level in five months

2024-04-02T04:34:40+00:00

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/ Oil prices rose in early Asian trading, on Tuesday, supported by indications of improving demand and escalating tension in the Middle East, which sparked the rise of US futures to the highest level in five months in the previous session.

Brent crude futures for June delivery rose 37 cents to $87.79 a barrel by 00:46 GMT. US West Texas Intermediate crude futures for May rose 32 cents to $84.03 per barrel.

Manufacturing activity expanded in China in March for the first time in six months, and in the United States for the first time in a year and a half, which the markets considered an indication of high demand for oil. China is the world’s largest importer of crude oil while the United States is the largest consumer.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) is holding an online meeting of its Joint Ministerial Monitoring Committee on Wednesday to review market and member implementation of the production cuts.

Members are expected to adhere to the current supply policy, which calls for a voluntary production cut of 2.2 million barrels per day until the end of the second quarter.

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