Oil prices increase following China's growing demand for 2024

Economy

Published: 2024-01-02 10:48

Last Updated: 2024-02-25 14:39


Oil prices increase following China's growing demand for 2024
Oil prices increase following China's growing demand for 2024

Oil prices recorded a 1 percent increase on Tuesday in the first trading session of the year 2024, coinciding with expectations of economic stimulus from China in the new year that would boost demand as the world's leading importer of crude oil.

China plans to import 179.01 million metric tons of crude oil in 2024 - a 70 percent increase from 2023.

The potential disruption of supply following the Houthi's attacks on the Red Sea ships is also a factor for the price surge

According to Reuters, Brent crude rose by USD 1.03, equivalent to 1.3 percent, reaching USD 78.07 per barrel. Meanwhile, West Texas Intermediate (WTI) crude recorded USD 72.53 per barrel, an increase of 88 cents or 1.2 percent.