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WorldEconomy

Concerns about impact of US storms and relaxing China COVID-19 regulations drive up oil prices

On Tuesday, oil prices reached three-week highs as expectations for increased fuel demand were stoked by China's most recent relaxation of COVID-19 limits.

News Desk
By News Desk Published December 27, 2022
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Image Credits: Pakistan Beat

By 0253 GMT, West Texas Intermediate crude in the US had increased by 88 cents, or 1.1 percent, to $80.44 per barrel, while Brent crude had increased by 88 cents, or 1.1 percent. Earlier in the session, the two benchmarks reached their highest level since December 5.

WTI climbed 2.7pc on Friday, while Brent increased by 3.6pc. The largest weekly advances for both benchmarks since October were achieved. Due to the Christmas holiday, both the British and US markets were closed on Monday.

The National Health Commission said on Monday that China will stop requiring entering travellers to undergo quarantine as of June 8. This ends a policy that had been in effect since the pandemic began three years ago. The leading crude oil importer became more optimistic about rising demand as a result.

In response to this news, the dollar weakened on Tuesday. Oil costs less for holders of other currencies when the dollar is lower, and this typically indicates that investors are more willing to take on risk.

On Christmas Day, a deadly blizzard paralysed Buffalo, New York, cutting off power to thousands of homes, locking motorists and emergency personnel in their cars, and adding to the toll from storms that had been chilling much of the country for days.

As of Saturday afternoon, approximately 2,700 US flights had been cancelled by airlines due to weather-related delays at airports around the US. On Friday, bitter cold and strong winds curtailed energy production across the country and caused power outages, raising the cost of electricity and heating.

“Fears over supply disruption from winter storms in the US prompted buying, though trade was thin as many market participants were away on holiday,” stated Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.

“But the US weather is forecast to improve this week, which means the rally may not last too long,” he remarked.

TAGGED: China COVID-19, Oil prices increase, US snow storm, zero-Covid policy
By News Desk
The author is the news desk team.
Previous Article 1665798201173 To “defend” lives as China fights the COVID wave, Xi urges action
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