Oil Gains 3 Percent on Improvement in China’s Demand, Concerns about Russian Supplies

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Oil prices rose in early trade on Thursday, building on gains in the previous session as China’s demand outlook improves and concerns rise over the impact of sanctions on Russian supply.
Brent crude rose 50 cents, or 0.6 percent, to $83.17 per barrel by 0135 GMT, while US West Texas Intermediate crude also rose 50 cents, or 0.7 percent, to $77.91 per barrel.
Both benchmarks rose 3 percent in Wednesday’s session, settling at the highest levels since December 30.
An international price cap imposed on sales of Russian crude took effect on Dec 5.
Previous oil prices witnessed a decline after the release of data revealing an unexpected increase in US crude and fuel inventories, which raised concerns about fuel demand.