by Shadia Nasralla
LondonJan 27 – Oil prices rose for the second straight session, buoyed by stronger-than-expected economic growth in the United States and hopes of a faster recovery in demand from China.
* 0930 hrs gmtBrent futures were up $1.15, or 1.3%, at $88.62 a barrel, and West Texas Intermediate in the United States was up $1.01, or 1.3%, at $82.02.
* Both benchmarks corrected more than 1% on Thursday and were on track for a third straight week of gains.
* representatives of OPEC+ Crude will meet next week to review production levels and sources in the producer group expect no change to the current policy.
* The US Federal Reserve’s next decision on interest rates will be taken at a meeting between January 31 and February 1, against a backdrop of slowing inflation and 2.9% GDP growth. forecast above in the fourth quarter.
* “The positive data series has lifted oil prices,” said Stephen Brennock, an analyst at the tub,
* earnings of WTI Oil futures pricing hub constrained by 4.2 million barrel build-up in Cushing nymaxThis week.
* In China, severe cases of covid-19 are down 72% from the peak at the start of the month, while daily deaths in hospitals are down 79% from their peak, pointing to a normalization of the Chinese economy and boosting hopes of a recovery in oil demand.
