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Oil rises to three weeks highs as China reduces COVID curbs

Oil rises to three weeks highs as China reduces COVID curbs

Oil rises to three weeks highs as China reduces COVID curbs. Brent crude rose 22 cents or 0.3 percent, at $84.14 at 911 GMT in the U.S. U.S. West Texas Intermediate crude climbed 7 cents to $79.63. The price of oil hit a three-week peak on Tuesday, as China's recent ease in COVID-19 restrictions boosted the hope of a fuel demand growth, with additional assistance coming from reductions on U.S. energy production caused by winter storms. China will no longer require new travelers to undergo quarantine beginning on Jan. 8th The National Health Commission said on Monday in a major…
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Oil rises by 3% after China relaxes COVID restrictions

Oil rises by 3% after China relaxes COVID restrictions

Oil prices rose by around 3% Friday, after Chinese health officials eased some of their COVID restrictions. Brent crude futures increased by $2.86 or 3.1% to $96.53 per barrel at 1145 GMT. This extends a 1.1% increase in the previous session. Commerzbank stated that the Chinese government had made the first steps to ease regulations. However, this did not mean that oil prices would drop. The Friday milder-than-expected U.S. Inflation data boosted hopes that the Federal Reserve would slow rate increases and increase prices, increasing the chances of a soft landing by the world's largest economy. You can get up…
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