The price of American West Texas Intermediate (WTI) quality barrels rose 93 cents to $74.10.
After the loss last week, the price development in the crude oil market points to an upward trend since the beginning of the week. On the one hand, it is comforting that China has said goodbye to its strict corona policy and started many relaxations.
Despite the increasing number of infections, this fuels hopes for more stable development in the world’s second largest economy.
On the other hand, market participants point to the continued closure of the key US oil pipeline Keystone. Background is repair work due to a larger leak. The pipeline runs from Canada through the United States to the US Gulf Coast and is of great importance to the American oil industry.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
