Southern Alberta oil well Oil prices climbed on Monday as the borders reopened in China, the world’s top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns. U.S. West Texas Intermediate crude was up $2.23, or 3.03%, at $75.86. Brent crude futures rose $2.09, or 2.66%, to $80.59 a barrel. Hopes for less-aggressive U.S. interest rate rises are buoying financial markets and depressing the dollar. A weaker greenback makes dollar-denominated commodities more affordable for investors holding other currencies. Both Brent and WTI tumbled more than 8% last week, their biggest weekly declines at the start of a year since 2016. “Crude oil prices recovered from the previous week’s losses as the economic reopening in China and less aggressive monetary tightening prospects from the Federal Reserve set a positive tone for demand recovery,” said Avtar Sandu, senior manager for commodities at Phillip Futures. As part of a “new phase” in the fight against COVID-19, China opened its borders over the weekend for the first time in three years. Domestically, some 2 billion trips are expected during the Lunar New Year season, nearly double last year’s movement and recovering to 70% of 2019 levels, Beijing says. […]
CamTrader offers a preview only. View original article. boereport.com
