China's strong refinery data boosts oil prices.

Oil prices rose due to a weaker US dollar and strong refinery data from China, but gains were capped by a weak economic outlook. The European Central Bank raised interest rates for the eighth successive time, while the US Federal Reserve kept interest rates unchanged but signalled a potential increase by the end of the year. OPEC+ voluntary cuts and robust demand are expected to create a supply deficit later in the year, leading to higher oil prices.