Seoul — Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the US fell unexpectedly. International benchmark Brent crude oil futures rose 21c, or 0.29%, to $71.93 a barrel by 3.19am GMT. Brent gained as much as 0.5% to 72.08 a barrel, the highest since November 8 and the highest in 2019. US West Texas Intermediate (WTI) crude futures were at $64.45 per barrel, up 40c, or 0.6% from their previous settlement. “Crude oil futures edged up as market sentiments were buoyed by a surprise drawdown in US crude oil inventories and tighter market fundamentals in the current term,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures. China’s refinery throughput in March rose 3.2% from a year earlier to 53.04-million tons, or 12.49-million barrels per day (bpd), data from the National Bureau of Statistics...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now