Oil prices rose slightly on Monday, a day after travelers flooded into China following the reopening of borders, lifting the fuel demand outlook and offsetting concerns about a global recession.
Hopes for less aggressive interest rate hikes in the United States are boosting financial markets while depressing the dollar. When the US dollar falls in value, dollar-denominated commodities become more affordable to investors holding other currencies.
Brent crude futures were up 53 cents, or 0.7%, to $79.10 per barrel by 0114 GMT, while West Texas Intermediate crude was up 46 cents, or 0.6%, to $74.23 per barrel.
Brent and WTI both fell more than 8% last week, marking their biggest weekly drops at the start of a year since 2016.
China, the world's second-largest oil consumer, opened its borders for the first time in three years on Saturday, boosting the outlook for its transportation fuel demand.
Domestically, Beijing expects 2 billion trips during the Lunar New Year season, nearly doubling last year's movement and returning to 70% of 2019 levels.
However, there are still concerns that the massive influx of tourists will cause another wave of infections, halting China's economic recovery.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.