Oil Updates — Crude edges up; US says Russian oil revenues falling due to price cap

Oil Updates — Crude edges up; US says Russian oil revenues falling due to price cap

RIYADH: Oil prices edged up on Thursday, building on gains in the previous session as China’s demand outlook improved, though gains were limited ahead of upcoming inflation data from the US. Brent crude had risen 8 cents, or 0.10 percent, to $82.75 per barrel by 09.40 a.m. Saudi time, while US West Texas Intermediate crude also rose 6 cents, or 0.08 percent, to $77.47 per barrel. Both benchmarks rose 3 percent in Wednesday’s session, boosted by hopes for an improved global economic outlook and concern over the impact of sanctions on Russian crude output. China’s CNOOC Ltd. has raised its 2023 production target by around 8 percent to a record 650 million to 660 million barrels of oil equivalent, it said on Wednesday. The state-controlled offshore oil and gas company produced about 620 million boe last year, exceeding its goal of 600-610 million boe, CNOOC said in a filing to the Hong Kong Stock Exchange outlining its annual strategic outlook. CNOOC is aiming for 6 percent average annual production growth by 2025 when output is forecast to hit 2 million boe a day, CEO Zhou Xinhuai told reporters following the release. Under its stated strategy to boost the share of