Oil rises as traders weigh China demand outlook, Russian supply
BNN Bloomberg
Oil rose on expectations of rising demand in the wake of China’s reopening, while the U.S. dollar eased and risks to Russian energy supplies came into sharper focus with fresh curbs looming.
Oil rose on expectations of rising demand in the wake of China’s reopening, while the U.S. dollar eased and risks to Russian energy supplies came into sharper focus with fresh curbs looming.
West Texas Intermediate climbed past US$82 a barrel following a back-to-back weekly gain that drove the US benchmark to the highest close since mid-November. While a weaker U.S. currency supported prices Monday, trading volumes in Asian hours were held back, with national holidays to mark the Lunar New Year affecting key markets including China and Singapore.
Oil has shaken off a weak start to 2023 as China’s outlook has brightened. Expectations that the Federal Reserve is close to ending its series of aggressive rate hikes have also buoyed prices.
