Oil rises 1% to hit 1-week high on rising demand optimism in China, US; Brent nears $84/bbl

Crude oil prices rose about one per cent to a one-week high on Thursday, May 9 after economic data from China and the US indicated that demand in the world’s two biggest crude-consuming nations could climb higher. The rebound comes ahead of the output policy decision by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) scheduled for June 1, 2024. Brent futures rose 40 cents, or 0.5 per cent, to $83.98 a barrel, while US West Texas Intermediate crude rose 46 cents, or 0.6 per cent, to $79.45. That put both benchmarks on track for their highest closes…