Oil edges up as US inventories rise

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 20^th, 2023.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.