The oil price rose sharply on Friday. There has been renewed speculation in the market that China could relax its strict corona policy. This fueled hopes of greater demand.
A 159-gallon barrel of North Sea Brent delivered in January cost $96.55 in the morning. That was $1.92 more than the day before. The price of a barrel of West Texas Intermediate (WTI) US grade for December delivery rose $1.94 to $90.11.
Rumors circulated on social media this morning that China may be faced with a change in corona policy. There had been speculation over the week about a possible departure from the Beijing leadership’s strict zero-covid strategy, but this was rejected by Chinese authorities.
Nevertheless, investors in the oil market again counted on a possible easing, according to market observers, which pushed prices up sharply.
China’s consistent crackdown on the spread of the coronavirus has repeatedly led to extensive lockdowns in recent months. Analysts at the Bank of China assume that as a result of the harsh corona policy, oil demand in China has fallen by an average of 400,000 barrels per day this year. (aeg/sda/awp/dpa)
Soource :Watson
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
