Oil prices rose in trading on Friday, influenced by growing demand in the United States and China, the world’s largest consumers, and a positive signal from the Federal Reserve about the possibility of interest rate cuts.
Data published by the US Energy Information Administration showed that US gasoline stocks fell by 4.5 million barrels and distillate fuel stocks by 4.1 million barrels last week. Both inventories fell more than expected, a sign of strong demand.
In China, the import of crude oil in the first two months of 2024 increased by 5.1% compared to the same period last year, and India’s fuel consumption last month was 5.7% under the influence of strong factory activity in the world’s third largest oil importer and consumer. % increased compared to the same period last year.