For his part, the WTI from United States it fell 0.7% to $91.94.
Prices rose during the session on news that Chinese leaders are considering reopening the economy from tight COVID-19 restrictions, but they are moving slowly and have not set a timetable, the Wall Street Journal reported, citing sources.
“The market seems to be thinking that if China opens up the economy, that would significantly reduce supply and put further upward pressure on prices,” said Phil Flynn, an analyst at Price Futures Group.
However, weighing in on futures, Chinese health officials over the weekend reiterated their commitment to strict COVID containment measures.
In the meantime, China’s imports and exports unexpectedly contracted in Octoberbut its oil purchases rebounded to the highest level since May.
Adding some price support, The dollar sank against the euro on Monday and the British pound was supported by risk-off sentiment and a rally in European stock markets.. A weak dollar makes dollar-denominated oil less expensive for other currency holders, helping drive prices higher.
Oil prices have also been supported by tighter supply expectations when the European Union’s embargo on Russia’s seaborne crude exports begins on December 5, even though refiners around the world are ramping up production.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
