London: Oil prices edged ahead for second session buoyed by stronger-than-expected US economic growth and hopes of rapid recovery in Chinese demand as Covid-19 cases and deaths plunged from last month’s peak levels. Brent futures gained 30 cents, or 0.34 percent to $ 87.77 barrel while US crude rose 34 cents to $ 81.35 per barrel, 0.42 percent gain. Both benchmarks had gained more than one percent on Thursday. “Oil might have trouble making any substantial moves to finish week as many traders will wait to see what happens with next week’s two massive events, OPEC+ virtual meeting on output and FOMC decision,” said Edward Moya, senior market analyst at OANDA.

OPEC+ delegates will meet next week to review crude production levels amid steady support for crude prices from strong demand for jet fuel and diesel. US Federal Reserve will decide on another rate hike as inflation cools and gross domestic product improves.

Published in The Daily National Courier, January, 28 2023

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