Oil prices gained almost 2% on Monday as China’s decision to reopen its borders bolstered the expectation for fuel demand as outweighed the global recession worries.

By 11:10 a.m. EST, Brent crude had risen $1.50, almost 2%, to $80 per barrel. To reach $75.45, U.S. West Texas Intermediate crude Oil prices increased by $1.70, about 2.3%.

China over the week reopened its borders for the very first time in three years as start of a “new phase” there in fight against COVID-19.

China released a second phase of 2023 crude oil imports bounds, raising the amount for the current year by 20% compared to the same period last year.

Rresponders expect inflation to reach 5% year from now, down to 5.2% in Nov and the lowest level since July 2021.

The New york Fed report should be beneficial for crude oil prices, as it shows that inflation is peaked.