Business News

Crude Oil Market Surges on Positive China, US Demand Hopes

crude oil market

By Adedapo Adesanya The crude oil market settled higher by about 1 per cent on Friday after economic indicators from the world’s top two oil consumers, China and the United States, bolstered hopes for higher demand. The price of Brent went up by 71 cents or 0.9 per cent yesterday to $83.98 a barrel and the US West Texas Intermediate (WTI) gained 83 cents or 1.1 per cent to close at $80.06 per barrel. For the week, Brent gained about 1 per cent while WTI rose by 2 per cent. China’s industrial output rose by 6.7 per cent year-on-year in