On Wednesday, oil prices continued to rise after a significant increase in manufacturing in China, the top consumer of crude, bolstered the demand projections.

Brent crude futures advanced by 0.6% to $83.91 per barrel while WTI crude added 0.6% to $77.47 a barrel.

Predictions of a robust recovery in China, the second-largest user of crude oil, are continuing to support oil prices.

According to the released data, factory activity in China edged up in February for the first time since July 2022.

Nevertheless, indications of expanding petroleum stockpiles in the United States negated the robust demand signal.

According to the API figures, the U.S. oil inventories soared by 6.2 million barrels in the week ended Feb. 24. However, the amount of gasoline in storage fell by 1.8 million barrels, while the amount of distillate fuels including diesel and jet fuel—down by 340,000 barrels