Oil prices rise on Asian demand

After the ECB’s interest rate hike Thursday and resumed gas flow through Russian pipeline Nord Stream 1, crude prices are up on account of Asian fuel demand.

Photo: Esam Omran Al-Fetori/Reuters/Ritzau Scanpix

Oil trades slightly higher Friday due to increased demand in Asia, with Thursday’s price turbulence after the European Central Bank’s interest rate hike now seemingly calmed.

“Things are still negative on the economic front, but we are still in a structural shortfall for prompt oil and that means physical buyers will be there to support dips knowing the uncertainty of what lies ahead on the geopolitical front,” says Stephen Innes, managing partner at SPI Asset Management, to Reuters.

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