Oil prices were up marginally in a volatile session on Thursday, after a surprise build in US crude stocks dampened some optimism around rising Chinese demand and lower Russian supplies.
Brent crude futures rose 61 cents, or 0.7%, to $85.59 a barrel at 1643 GMT US West Texas Intermediate (WTI) crude rose 39 cents, or 0.5%, to $79.87 a barrel.
Prices were down by more than a dollar per barrel earlier in Thursday’s session, continuing to slide from Wednesday as traders booked profits and US data showed the economy losing momentum.
US gasoline refining margins traded at a new five-month high for the fourth-straight session on Thursday, amid optimism around rising travel demand from China’s reopening.
Published in The Express Tribune, January 20th, 2023.
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