Oil inches up on China rebound, but global demand concerns weigh
Business
A tenth consecutive week of crude stock builds in the United States capped the market's gains.
SINGAPORE (Reuters) - Oil prices inched up on Thursday, extending gains from the previous two sessions on signs of a strong economic rebound in China, the world's top oil importer, though gains were capped by a rise in U.S. crude inventories and concerns over overall global demand.
Brent crude futures rose 12 cents, or 0.1%, to $84.43 a barrel at 0445 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.1%, at $77.78.
Both contracts rose about 1% in the previous session after data showed manufacturing activity in China in February grew at the fastest pace in more than a decade, adding to evidence of an economic rebound in the world's second largest economy after the removal of strict COVID-19 curbs.
However, a tenth consecutive week of crude stock builds in the United States capped the market's gains.
U.S. crude inventories (USOILC=ECI) rose by 1.2 million barrels in the week ending Feb. 24 to 480.2 million barrels, their highest level since May 2021, the Energy Information Administration reported.
