Despite concerns about global demand, oil prices rose on Thursday on expectations that a forthcoming US interest rate cut would boost economic activity and boost fuel consumption.
Brent oil futures recovered some losses from the previous day, rising 17 cents, or 0.21%, to settle at $79.93 a barrel. U.S. U.S. West Texas Intermediate crude was up 21 cents, or 0.27%, a barrel.
U.S. crude stockpiles rose by 1.4 million barrels in the week ending Aug. 9, the first increase since late June. The International Energy Agency earlier this week cut its forecast for an increase in oil demand in 2025, citing the effect of a weak Chinese economy on consumption.
China’s uneven economic recovery was highlighted in July when the country’s manufacturing growth slowed and refinery output fell for a fourth straight month.
