US crude oil futures West Texas Intermediate (WTI) gained $2.87, or 3.3%, at $89.34. the barrel, after rising 0.8% in the previous session.
The relaxation of restrictions includes the reduced quarantine times for close contacts of cases and incoming travelers in two days, as well as the elimination of a penalty on airlines for bringing infected passengers.
“The first small steps towards flexibility of the regulations that were announced by the Chinese government this morning allowed oil prices to rise again, although this in no way constitutes a departure from the country’s strict zero Covid policy, in our opinion,” he said. Commerzbank.
The Prices also rose on Friday after US inflation datasofter than expected, reinforced the hopes that the Federal Reserve will slow interest rate hikes, increasing the chances of a soft landing for the world’s largest economy.
The US dollar weakening it also favored oil prices, since it lowers the price of the raw material for buyers with other currencies.
Nevertheless, benchmark oil contracts headed for weekly declines due to the rising US oil inventoriesand lingering fears about limited fuel demand in China amid a surge in daily COVID cases.
Source: Ambito
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