Oil holds gains on China rebound

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 U.S. crude inventories.

Brent crude futures rose 12 cents, or 0.1%, to $84.43 a barrel at 0231 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 7 cents, or 0.1%, at $77.76 a barrel.

Both contracts rose about 1% 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.

Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.

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