|
Brent crude futures rose 43 cents, or 0.51%, to $84.74 a barrel
by 1017 GMT. U.S. West Texas Intermediate (WTI) crude futures
were up 45 cents, or 0.58%, at $78.14.
Manufacturing activity in China grew at the fastest pace in more
than a decade last month, data showed on Wednesday, adding to
evidence of a rebound in the world's second-largest economy
after removal of strict COVID-19 curbs.
China's seaborne imports of Russian oil are set to hit a record
high this month as refiners take advantage of cheap prices.
However, the market was pressured by growing expectations of
rate increases by the European Central Bank (ECB) after faster
than expected acceleration in consumer prices in France, Spain
and Germany.
Euro zone inflation rose to a higher than expected annual rate
of 8.5% in February, according to a first estimate from the EU's
statistics agency.
"Resurfacing inflation worries contributed to the souring mood,"
said PVM Oil analyst Tamas Varga. "Persistent inflation anxiety
will act as a break on a prolonged rally in the immediate
future."
In the United States, a tenth consecutive week of crude stock
builds also weighed.
Record exports of U.S. crude oil, however, kept the build
smaller than in recent weeks, the Energy Information
Administration said.
(Reporting by Rowena EdwardsAdditional reporting by Emily Chow
in SingaporeEditing by David Goodman)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
