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Oil advances on bolstering economic figures

By Rana Gharib
27 Jan,2023
Oil advances on bolstering economic figures

Oil edged up on Friday, shored up by unpredicted US. economic figures in a positive way and on bolstered hopes of a swift revived demand in China.

Brent futures added 1.5% at $88.77 per barrel while U.S. crude advanced by 1.6% at $82.28 gearing towards hitting the biggest leap in two weeks.

The two main gauges surged above 1% yesterday and are on the way to achieve gains for the third week in a row.

The anticipated OPEC+ meeting is scheduled to take place the upcoming week to assess the levels of crude production where expectations hovers around stabilized supply policy that will not see any tweaks.

Another awaited meeting, is Fed's meeting where officials will uncover the upcoming stance regarding the upcoming interest rate hikes amid the eased inflation and the unprojected swift growth of the GDP by 2.9% for the Q4.

Covid-19 infected cases dropped by 72% during this month, meanwhile the death rate slipped by 79%, implying for a soon revived economy and oil demand.

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