INA-sources
Oil prices opened higher for a second consecutive day on Tuesday as China, the world's biggest importer of crude, continued to ease stringent Covid-19 measures despite a rise in infections.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.5 per cent higher at $83.05 a barrel at 9.07am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.4 per cent at $77.27 a barrel.
Brent crude rose more than 3 per cent on yesterday after the Opec+ alliance decided to extend its output oil policy as sanctions on Russian crude came into effect on Monday.
Oil futures gave up nearly all of their gains later in the session.
“Risk appetite on Wall Street is fading away and that might prevent crude prices from pushing much higher right now,” said Edward Moya, a senior market analyst at Oanda.
“The fear that the US economy is headed towards a recession will be a drag on all the pent-up demand that will be released on the China reopening.”
China, the world’s second-largest economy, is lifting lockdowns and easing testing requirements in major cities, including Beijing and Shanghai, even as it faces record high infection numbers.
About three years after the start of the pandemic, China has persisted with its zero-Covid policy, which has dampened the country’s short-term growth prospects.
Source: The National News
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