Oil prices rise on optimism over solid US fuel demand

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TOKYO/BEIJING: Oil prices rose on Thursday, extending the previous day's rally, driven by optimism over U.S.fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support.

Reuters reported that China could approve the issuance of over 10 trillion yuan ($1.4 trillion) in debt over the next few years on the last day of its Nov.4-8 parliamentary meeting.

Manufacturing activity in China, the world's biggest oil importer, expanded in October for the first time in six months, suggesting that stimulus measures are having an effect.

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Category: EconomyBusiness

Markets: MalaysiaChinaIsraelLebanon

Topics: Middle East /Business/Business News OPEC Energy Brent WTI

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Article Type: News Report

Published On: 2024-10-31 @ 14:22:00 (9 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

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