Crude oil prices have increased following a rise in demand in the first half of this year.
Brent crude futures stood at $48.82 per barrel, a 45 cents rise, while the US West Texas Intermediate (WTI) futures were at $45.69 a barrel, up 60 cents, Reuters reported.
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Based on national estimates submitted to the Joint Oil Data Initiative (JODI), crude oil prices halved and prices of most fuels dipped in various consuming countries that led to a surge in oil demand globally.
But a further rise in oil prices was contained by a slowdown in the Asian economy.
According to JODI, oil consumption during the first half of the year averaged 71.4 million barrels per day (bpd), representing a rise 69.1 million bpd in 2014.
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US National Hurricane Center said that hurricane Joaquin, which is set to reach the eastern US coast this weekend, is expected to become a major storm.
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By GlobalDataThe storm reached category 3 status late Wednesday and is expected to strengthen into a category 4 storm today.
Due to the beginning of China’s eight-day National Holiday, liquidity in Asian trading hours could be limited, impacting prices.
Preliminary official data revealed that September crude imports in South Korea fell 0.8% from a year earlier to 76.1 million barrels.
An official survey showed that Chinese manufacturing activity contracted for a second straight month in September.
Manufacturers’ confidence in Japan is believed to have worsened in the three months to September, according to a central bank survey.
