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Oil trades higher as China opens borders

9 Jan 2023 , 10:20 AM

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

  • brent crude
  • China Borders
  • covid-19
  • crude oil
  • Oil Futures
  • Oil News
  • Oil prices
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