Oil prices rise as China supports economic growth

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(MENAFN) Oil prices rose on Wednesday amid announcements of the Chinese economy’s ability to sustain economic development and estimates of an unexpected decline in reserves in the United States, despite the surge in the economy. number of omicron cases.

International benchmark Brent was trading at $ 74 per barrel at 07:30 GMT, up 0.03% after closing the previous session at $ 73.98 per barrel.

The U.S. benchmark West Texas Intermediate (WTI) hit $ 71.35 per barrel simultaneously, up 0.32% after closing at $ 71.12 per barrel on the previous trading session .

Deputy head of the National Development and Reform Commission, China’s economic planning body, Ning Jizhe, on Wednesday reaffirmed in a meeting with Xinhua that the Chinese administration will prepare public spending, boost funding producers and small businesses and ensure cost stability.

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