Oil Prices Rise as Lockdowns Ease in China, Improving Outlook

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US data also pointed to concerns about supply of oil.

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Matthew Busch/Bloomberg

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Oil prices ticked up on Wednesday after China relaxed lockdowns in its biggest cities, brightening prospects for fuel demand in the world’s second-biggest economy.

Brent crude, the international benchmark, rose 1.4% to $113.48-a-barrel. West Texas Intermediate, the US standard, climbed 1.8%.

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After three consecutive days of no new Covid-19 infections outside quarantine areas, Chinese authorities allowed more than 800 financial institutions in Shanghai to resume work, Reuters reported,

US data also pointed to concerns about supply. Crude and gasoline stocks fell last week, the American Petroleum Institute said.

Oil prices had slipped earlier in the week after reports that the US would allow Chevron (ticker: CVX) to negotiate oil licenses with Venezuela‘s national producer, temporarily lifting the ban on talks. That could eventually bring more supply into the market.

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Credit: www.marketwatch.com /

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