Oil prices rose today, Tuesday, extending the gains made in the previous session, as indications of declining supplies and the Chinese authorities’ pledge to support the second largest economy in the world raised morale.
Brent crude futures rose seven cents to $82.81 a barrel at 00:07 GMT, while US West Texas Intermediate crude rose 11 cents to $78.85.
Both benchmarks rose more than 2% in the previous day, and reached their highest closes since April.
In China, the world’s second largest oil consumer, leaders pledged to intensify policies to support the economy amid a shaky post-COVID-19 recovery, with a focus on boosting domestic demand.
In the United States, business activity slowed to a five-month low in July, dragged down by slower services sector growth.
Later on Tuesday, industrial data on US crude inventories will be released. Four analysts polled by Reuters estimated, on average, that crude oil inventories fell by about 2 million barrels in the week ending July 21.
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