Oil prices rose 1 % today, Thursday, to compensate for the losses of the previous session, after the scarcity of supply and expectations of an increase in Chinese demand overshadowed concerns about the economic slowdown.

Brent crude futures rose 72 cents, or 0.9 %, to $83.64 a barrel, and US West Texas Intermediate crude rose 78 cents, or 1%, to $79.56 a barrel, heading towards its highest level since April 19.

Oil prices fell yesterday, Wednesday, after data showed that US crude stocks decreased less than expected, and the Federal Reserve raised interest rates by a quarter of a percentage point, leaving the door open for another hike.

Although the Federal Reserve's move was expected, the market's focus shifts to the Organization of Petroleum Exporting Countries and its allies (OPEC +), as the coalition's Joint Ministerial Monitoring Committee holds its monthly meeting next week. / End

Source: National Iraqi News Agency