Global oil prices continue to fall for three weeks in a row as China's electric vehicle usage increases. However, on Friday (July 26) morning, the price increased slightly.
Reuters reported this information on Friday.
Crude oil prices rose 12 cents or 0.2 percent to 82.49 percent per barrel for September. Additionally, West Texas Intermediate rose 13 cents, or 0.2 percent, to 78.41 percent.
It added that oil prices rose slightly on Thursday and Friday as the US economy performed better than expected in the second quarter.
Earlier, both the benchmark prices fell by around 5 percent in the last three weeks. And West Texas Intermediate prices fell more than two percent.
According to analysts, the use of electric vehicles has increased in China. As a result, the demand for petrol and diesel has decreased. Demand in the country fell 8.1 percent in June to 13.66 million barrels a day. There is also hope for an end to the Gaza war. A ceasefire agreement may normalize the situation in the Middle East.
