Oil prices edge higher as IEA's Birol talks up China demand outlook

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MELBOURNE : Oil prices inched up in early trade on Monday after falling around 8 per cent last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world's top oil importer. Brent crude futures crawled up 16 cents, or 0.2 per cent, to $80.10

MELBOURNE : Oil prices inched up in early trade on Monday after falling around 8 per cent last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world's top oil importer.

Last Friday, WTI and Brent slid 3 per cent after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. The IEA expects half of global oil demand growth this year will come from China, where Birol said jet fuel demand was surging.

"If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their policies," Birol told Reuters on the sidelines of a conference in India.

 

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