Oil price edges higher on tight supply, China demand recovery optimism
Oil prices nosed ahead in early Asian trade on Thursday, lifted by signs of tighter supply and by optimism over a Chinese demand recovery.
Brent crude futures rose 5 cents, or 0.06%, to $87.02 per barrel by 0115 GMT while U.S. West Texas Intermediate crude futures rose 16 cents, or 0.2%, to $80.71.
The giant Chinese cities of Guangzhou and Chongqing announced an easing of COVID curbs on Wednesday, a day after demonstrators in southern Guangzhou clashed with police amid a string of protests against the world’s toughest coronavirus restrictions.
However, Chinese business activity shrank further in November, official PMI data showed on Wednesday, raising fears about next year.
