Brent crude futures were up 70 cents, or 0.78%, at $90.53 a barrel.


rose on Thursday as the prospect of rising from China and heightened geopolitical risks overshadowed recession fears over a string of rate hikes by central banks, including the Bank of England.

Brent crude futures rose 70 cents, or 0.78%, to $90.53 a barrel at 1054 GMT, while U.S. West Texas Intermediate (WTI) crude gained 71 cents, or 86%, trade at $90.53 a barrel. $83.65.

Prices rose more than $1 earlier in the session on that crude demand in China, the world’s largest oil importer, was being curbed by strict COVID-19 restrictions.

At least three state-owned refineries and one large private refinery are considering raising output 10% in from September in anticipation of strong demand and a potential surge in fuel exports in the fourth quarter, people familiar with the matter said.

Meanwhile, Russia on Thursday pushed forward with its largest recruitment drive since World War II, raising concerns that an escalating war in Ukraine could further damage supplies.

“[Russian President Vladimir Putin’s] Frequent irrational behavior and reactions can sometimes lead market volatility and turmoil,” said Tamas Varga, oil analyst at London-based brokerage PVM Oil Associates.

The Bank of England maintained the ceiling, raised its benchmark interest rate by 50 basis points 2.25%, and said it would continue to “respond vigorously to inflation if necessary” despite the economy entering a recession.

The Swiss National Bank, Norges Bank and Indonesia’s central bank also raised following the Fed’s sharp 75 basis point rate hike on Wednesday, with the South African central bank expected raise rates further later in the day.

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“It just shows how the current tightening cycle is,” Deutsche Bank said.

The Fed also signaled Wednesday that U.S. borrowing costs will continue rise this year, a move that pushed Brent and WTI to near two-week lows.

Further pressure comes as inventories build. U.S. crude inventories rose by 1.1 barrels 430.8 million barrels in the week to Sept. 16, missing analysts’ expectations for a 2.2 million-barrel increase in a Reuters poll.

(This story has not been edited by NDTV staff and was automatically generated from the syndicated feed.)