Oil prices rise on falling US Inventories and increased Chinese imports

Oil prices rose on Thursday as falling U.S. crude inventories amid rising refinery intake and a year-on-year increase in Chinese imports last month supported higher demand expectations for the world’s two largest crude consuming nations.

Brent crude futures for July rose 31 cents, or 0.4%, to $83.89 a barrel by 0533 GMT. U.S. West Texas Intermediate crude for June was up 39 cents, or 0.5% to $79.38 per barrel.

“Oil markets were buoyed by a larger-than-expected draw in the U.S. inventory data. The improved China’s trade balance data added to the upside momentum,” said Tina Teng, an independent market analyst, adding that crude prices may continue to track economic factors looking ahead.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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