Oil up more than 2% as China eases COVID measures - Breaking The News

Oil up more than 2% as China eases COVID measures

11 November

1 min read

EPA-EFE/CARINA JOHANSEN

Crude futures jumped more than 2% on Friday on hopes that oil demand in China will rise after the country started relaxing COVID-19 measures.

The latest US inflation report also contributed to the increase as easing inflation sparked hopes the Federal Reserve will slow the pace of its interest rate hikes.

Brent for settlements in January climbed 2.10% to sell for $95.58 per barrel at 2:11 am ET and West Texas Intermediate (WTI) for December deliveries jumped 2.20% to go for $88.29 per barrel at the same time.

oil

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