Oil prices increase following a 3% rise driven by optimism about China’s recovery.

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Oil prices increased in Thursday’s afternoon trading, building on the previous day’s 3% surge, as optimism for a rebound in fuel demand in China grows. Brent, a benchmark for the majority of the world’s oil, was at $83.58 per barrel, a 1.1% increase, at 2:19 PM UAE time. Meanwhile, West Texas Intermediate, which measures US crude, saw a 1.06% increase, reaching $78.23 per barrel. On Wednesday, Brent closed at $82.67, a 3.2% increase, while WTI ended the session at $77.41, a 3% increase.

According to the Energy Information Administration (EIA), a record-breaking consumption of liquid fuels, including petrol, diesel, and jet fuel, is expected to be set in 2024. This is projected to average over 102 million barrels per day in that year, surpassing the 100 million barrel per day mark for the first time since 2019.