By Zhang Mengying
Investing.com – Oil was up on Thursday morning in Asia, supported by peak summer demand and tight global supply, despite the spurring concerns over less fuel demand.
rose 0.65% to $119.28 by 11:43 PM ET (3:43 AM GMT) and jumped 0.91% to $116.36.
Wednesday’s U.S. crude supply data from the showed a build of 1.956 million barrels for the week ended June 10.
Investors now are assessing tight supplies and robust demand as the West imposed sanctions on Russian oil while China’s oil demand is expected to rebound with COVID-19 curbs easing.
“A rebound in China demand sentiment and expected seasonal ramp-up in OECD oil demand into August leaves price risk to the upside through 3Q 2022,” the National Australia Bank head of commodities research Baden Moore noted.
Crude supply data from the released the day before, showed a build of 0.736 million barrels.
