Oil Rises on US Physical Market’s Strength, China Demand Hopes
- West Texas Intermediate futures advance to above $77 a barrel
- Industry executives meet for major energy conference in London
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Oil rose as physical markets in the US strengthened and demand from China showed signs of picking up.
West Texas Intermediate futures climbed 1.4% to settle above $77 a barrel, while Brent advanced to top $82. Trading volumes were muted as several market participants attend International Energy Week in London, a major industry gathering, where they are set to weigh the outlook for oil this year.