Oil updates: geopolitics is perceived favourably, and crude is expected to rise weekly as demand signs
Oil updates: geopolitics is perceived favourably, and crude is expected to rise weekly as demand signs Source arabnews.com SINGAPORE: As reports this week from the US and China, the two countries that use crude oil the most, indicated greater demand and ongoing concern over the Gaza war boosted prices, oil gained on Friday, setting up a weekly gain, according to Reuters. China's oil imports in April were higher than last year, according to figures released on Thursday, suggesting that trade activity is strengthening. The decline in US crude inventories was prompted by greater refinery runs. Concerns about possible interruptions to Middle Eastern supply chains have persisted despite the lack of progress in negotiations to end the violence between Israel and Hamas. At 8:14 a.m. Saudi time, Brent futures increased by 58 cents, or 0.6 percent, to $84.41 a barrel. This puts them on track for a weekly gain