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Oil prices rose for a second session on Jan. 27, buoyed by better than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand.
Brent futures gained $1.17, or 1.34%, to trade at $88.64 a barrel by 13:32 GMT. U.S. crude was up $1.17, or 1.44%, at $82.18 and on track for its highest daily jump in percentage terms for two weeks.
Both benchmarks advanced by more than 1% on Jan. 26 and are heading for a third straight week of gains.
OPEC+ delegates meet next week to review crude production levels, with sources from the oil producer group expecting no change to current output policy.
The U.S. Federal Reserve's next decision on interest rates will be made at meeting over Jan. 31 and Feb. 1 against a backdrop of a dip to inflation and gross domestic product that grew by a faster than expected 2.9% in the fourth quarter.
"The positive batch of data gave oil prices a lift," said PVM analyst Stephen Brennock.
Gains on U.S. crude were capped by a 4.2 MMbbl build in stocks at Cushing, the pricing hub for NYMEX oil futures, this week.
"We believe soaring middle-distillate prices and cracks are mostly behind crude’s bullish price action," JPMorgan said in a note, pointing to heavy refinery maintenance and outages, plus the European ban on Russian refined products from Feb. 5.
In China, critically ill COVID-19 cases are down 72% from a peak early this month while daily deaths among COVID-19 patients in hospitals have dropped by 79% from their peak, pointing to a normalization of the Chinese economy and boosting expectations of a recovery in oil demand.
2024-02-20 - Dragos’ annual cybersecurity review reveals three new threat groups, and the company’s CEO urges focus on specific vulnerabilities.
2024-02-13 - The second in a two-part series, this report on subsea tiebacks looks at some of the projects around the world scheduled to come online in 2026 or later.
2024-02-13 - Using their AI underwater image filtering algorithm, the QYSEA AI Diver Tracking allows the FIFISH ROV to identify a diver's movements and conducts real-time automatic analysis.
2024-02-12 - Curtiss-Wright and Petrobras will combine capabilities to deploy a subsea canned motor boosting system at a Petrobras production field in the Campos Basin.
2024-02-12 - During SPE’s Hydraulic Fracturing Technical Conference, industry experts looked for answers to their biggest test – fracture geometry.