Oil Prices Up With Demand Increase In World's Biggest Consumers

Oil prices increased on Thursday, aided by data showing elevated demand appetite in the US and China, the world's biggest oil consumers.

International benchmark Brent crude traded at $83.86 per barrel at 10.07 a.m. local time (0707 GMT), a rise of 0.34% from the closing price of $83.58 per barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI) traded at $79.39 per barrel at the same time, a 0.51% increase from the previous session that closed at $78.99 per barrel.

US commercial crude oil inventories decreased by 1.4 million barrels to 459.5 million barrels during the week ending May 3, in line with market expectations of a 1.43 million-barrel decline, according to data released by the Energy Information Administration (EIA) late on Wednesday.

China increased its crude imports last month to 10.88 million barrels per day, up 5.45% year-on-year, according to China's customs data released on Thursday.

OPEC's latest oil market report forecasts a rise of 680,000 barrels per day in China's demand this year, signaling a positive demand outlook for the rest of the year.

The demand surge among the world's largest oil consumers supports the upward movement in oil prices.

Meanwhile, ongoing cease-fire talks in the Gaza Strip are curtailing price rises.

The talks are continuing in Cairo in the presence of delegations from Qatar, the US and the Palestinian group Hamas.

Hamas said on Monday evening that it had accepted a Gaza cease-fire proposal drawn up by Egypt and Qatar.

An Egyptian news channel said Wednesday that "notable consensuses" had been reached on contentious points in the talks in Cairo on reaching a cease-fire in the region. -