Crude oil prices rise on Saudi crude price increase, China export bounce
NEW YORK: Oil prices climbed on Thursday, after Saudi Arabia raised official selling prices for its crude and a surprise rise in Chinese exports last month fed hopes for further rises in fuel demand.
US and Brent benchmarks have rallied sharply this week as countries have eased coronavirus-related lockdowns and fuel demand has rebounded modestly. Oil production worldwide is also declining to reduce a growing supply glut.
Brent futures rose $1.02, or 3.4 per cent, to $30.74 a barrel by 11:10 a.m. EDT (1510 GMT), up about 16 per cent so far this week. US West Texas Intermediate (WTI) crude rose $1.78, or 7.4 per cent, to $25.77, on track for its highest close since April 6 and up more than 30 per cent this week.
