Tokyo, July 27 (BNA): Oil prices climbed 1% on Thursday, recouping losses from the previous session, as supply tightness and expectations of stronger Chinese demand overrode concerns about an economic slowdown.
Brent crude futures advanced 58 cents, or 0.7%, to $83.50 barrel by 0649 GMT, while U.S. West Texas Intermediate (WTI) crude rose to $79.42, up 60 cents, or 0.8%, heading towards their highest since April 19, Reuters reported.
Oil prices declined on Wednesday after data showed U.S. crude inventories fell less than expected and the Federal Reserve raised interest rates by a quarter of a percentage point, leaving the door open to another hike.
ZH
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