ANKARA: Oil prices increased during early Asian trade on Monday over intensified supply concerns caused by the conflict between Palestine and Israel, ...
: Oil prices increased during early Asian trade on Monday over intensified supply concerns caused by the conflict between Palestine and Israel, while data indicating higher demand in China, the world’s largest oil importer, reinforced the price upticks, reported Anadolu.
The American benchmark West Texas Intermediate traded at the same time at US$85.31 per barrel, up 3 per cent from Friday’s close of US$82.79 per barrel. Iran, the US, China, Russia, France, the UK, Germany, and the EU signed the Iran nuclear deal in 2015. Under the agreement, Tehran committed to limiting its nuclear activity for civilian purposes, and in return, world powers agreed to drop their economic sanctions against Iran.
Meanwhile, prices were positively impacted by data showing that oil demand in China rose by 4.1 per cent relative to pre-pandemic levels in 2019 as around 826 million attended the country’s eight-day “Golden Week” holiday, according to China’s Ministry of Culture and Tourism.
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