Oil growth hit 2% rise in global market over positive economic data

The United States and China, two among the largest economies on Monday, August 8 reports positive economic data, driving up the oil prices.

Reuters report a 2% hike in global oil futures banking on the positive economic outlook.

Brent crude futures hit a USD1.73 rise, or a 1.8% bump, trading at USD96.65 a barrel while US West Texas Intermediate (WTI) reports a USD90.76 a barrel, up by USD1.75 or 1.97%.

Prices on global oil futures felt a drip of 13.7% owing to looming fears of economic recession. Lowest since the February dip earlier this year.

Brent registered its highest weekly drop since April 2020, when the viral contagion placed interruptions on global economy.

China also reports a faster-than-expected growth in oil exports. The top crude importer, brought 8.79 million barrels per day in July 2022.

Meanwhile, Europe indicates the Russian oil products and crude exports remain stable, ahead of the expected EU embargo over the Russia-Ukraine conflict.