LONDON—Oil prices rose on Thursday after a plunge the previous day, as data showed a jump in refinery runs at the world’s top crude importer China, but a weak economic backdrop capped gains.
Brent crude futures were up 84 cents, or 1.15 percent, to $74.04 a barrel at 0959 GMT. U.S. West Texas Intermediate (WTI) crude rose 77 cents, or 1.13 percent, to $69.04 a barrel.
Both benchmarks fell 1.5 percent on Wednesday.
The market saw support after data on Thursday showed China’s oil refinery throughput in May rising 15.4 percent from a year earlier, hitting its second highest total on record.
Chinese demand for oil is seen continuing to rise at an assured rate during the second half of the year, Kuwait Petroleum Corporation’s (KPC) chief executive said on Thursday….