Oil prices inched up in early Asian trade on Thursday, extending gains from the previous two sessions on signs of a strong economic rebound in China, the world’s top oil importer, which offset worries about a rise in US crude inventories.
Brent crude futures rose 12 cents, or 0.1 per cent, to $84.43 a barrel at 0231 GMT, while US West Texas Intermediate (WTI) crude futures were up 7 cents, or 0.1 per cent, at $77.76 a barrel.
Both contracts rose about 1 per cent in the previous session after data showed manufacturing activity in China in February grew at the fastest pace in more than a decade, adding to evidence of an economic rebound after the removal of strict COVID-19 curbs.
