On Friday, oil prices are up by more than 2% as China. The world’s largest crude importer, relaxed some of its strict COVID restrictions.
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After rising by 0.8% the previous session,
U.S. West Texas
Intermediate (WTI) crude futures increased by $2.24 to 2.6%, at $88.71 per barrel.
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A penalty for flights taking in infected travelers has been eliminat.
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“The news has pleased oil dealers. The key for the oil markets is to keep an eye on developments for this and any slight improvements to the govt’s zero-COVID policy “SPI Asset Management’s managing partner, Stephen Innes, said.
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Prices increasce on Friday as well as optimism that the Fed Reserve would scale back rate rises. Were reinforced by softer-than-expected U.S. inflation statistics.
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increasing U.S. oil inventories and continuing concerns about China’s restricted fuel demand in the light of a spike in daily COVID cases was causing the major oil deals to be heading for weekly drops of more than 1%.
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But since lockdown in Shanghai earlier this year, China’s COVID-19 case load has risen to its greatest level.
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