Oil prices rose, in morning trading today, Thursday, after a decline recorded in the previous session, as it ended trading at its lowest level in 3 weeks.
By 08:14 Moscow time, Brent crude futures rose 0.5% to $72.96 a barrel, while US West Texas Intermediate crude futures rose 0.43% to $68.38 a barrel.
Yesterday, US crude futures fell by 2% to $68.09 a barrel, the lowest level in more than two months, while Brent contracts fell by 1.15% to $72.66 a barrel, the lowest closing level in more than three weeks.
Contracts fell on Wednesday after negative Chinese data, and data issued from China showed that industrial activity contracted in May 2023 for the second month in a row, as the manufacturing purchasing managers’ index recorded 48.8 points, the lowest level since December 2022.
The data also showed a decline in the PMI reading for the construction and services sectors to 54.5 points in May, at the slowest pace of growth in four months.
This article was originally published by RT.