March 28, 2023

Oil prices stabilized today, Friday, on the path to a weekly gain as renewed optimism about a recovery in demand from China offset the impact of growing recession fears due to rising US crude inventories and tighter monetary policy in Europe.

And by 09:36 GMT, Brent oil futures rose four cents, or 0.05 percent, to $84.79 a barrel. Futures for US West Texas Intermediate crude rose in two years, or 0.03 percent, to $78.18 a barrel.

Brent is up about 1.9% since the start of the week, while WTI is set to rise 2.4%.

Installations 300-300

Offshore imports of Russian oil to China are expected to reach record levels this month as refiners benefit from lower prices.

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