Oil prices continue to rise, buoyed by hopes of an increase in Chinese demand

Oil prices rose about 1% on Monday, extending gains from the previous session as China eased some of its strict protocols to combat the Corona virus, which fueled hopes for a recovery in economic activity. and demand from the world’s largest crude oil importer.

THE future Brent crude oil was up 87 cents, or 0.9%, to $ 96.86 a barrel by 00:41 GMT, after rising 1.1% at the close on Friday.

THE future on US West Texas Intermediate crude oil recorded $ 89.76 per barrel, in up by 80 cents, or 0.9%, after the close of the session on Friday, in increase of 2.9%.

Prices of materials prime they rose Friday after China’s National Health Commission amended measures to prevent and control the Corona virus.

But the cases of the “Covid-19” virus have increased in China at the weekend.

“The latest easing of quarantine requirements is certainly a step in the right direction, but the market is likely to need more easing if this latest enthusiasm is to continue,” said ING. in a note.

Chinese demand for oil from Saudi Arabia, the world’s largest exporter, remains weak after many refineries asked to collect smaller amounts of crude in December.

But the dollar’s rise has limited the price of oil.

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