Oil rallies with other commodities as China eases COVID zero

​Oil jumped to the highest in more than three weeks as commodities and stocks in Asia rallied on optimism over China potentially easing its COVID restrictions.

Brent crude futures surged more than 4 per cent to near US$99 a barrel, with China, the world’s biggest crude importer, said to be working on plans to scrap a system that penalizes airlines for bringing virus cases into the country. 

Oil has swung in recent sessions, with lackluster trading volumes rendering futures especially susceptible to macro market moves. Adding to volatility is the push and pull between a tightening supply outlook heading into winter and concerns over a global economic slowdown.