Oil Prices Rise Amid Anticipation of Chinese Economic Data

Oil prices increased on Thursday, recovering some losses from the previous day due to concerns about potential future U.S. interest rate hikes, as markets now look forward to important Chinese economic data related to demand indicators. Brent crude futures rose by 21 cents, or 0.3%, to reach $73.41 per barrel by 00:09 GMT. West Texas Intermediate (WTI) crude was at $68.50 per barrel, climbing by 23 cents, or 0.4%. The dollar strengthened by 0.5% against a basket of currencies in early trading on Thursday. The benchmark crude fell by 1.5% on Wednesday after forecasts from the U.S. Federal Reserve indicated further interest rate increases could occur this year, raising concerns that higher rates might slow the economy and reduce oil demand. Additionally, higher interest rates support a stronger dollar, making dollar-denominated commodities more expensive for holders of other currencies.