Oil Prices Rise by 3%
Oil prices rose on Friday after China’s health authorities relaxed some of the country’s strict COVID restrictions.
Brent crude futures rose $2.47, or 2.6%, to $96.13 per barrel, extending the previous session’s 1.1% gain.
WTI crude oil futures rose 2.9% to $89.01 per bar in the United States, up $2.54 (or 2.9%), after rising 0.8% the prior session.
Lockdowns have a greater impact on oil prices and mobility than they do on economic activity. Oil markets will be benefited by the liberalization of the COVID zero policy.
Prices rose on Friday as weaker-than-expected U.S. inflation data boosted hopes that the Federal Reserve will slow rate hikes, implying a soft landing for the world’s largest economy. Oil prices are supported by a weaker U.S. Dollar. This makes it more affordable for buyers who have other currencies.
However, benchmark oil futures dropped more than 2% due to week-to-week concerns over limited Chinese fuel demand, despite an increase in US crude inventories, and daily gains caused by the coronavirus.
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