Oil futures rise as traders see signs China may ease up on COVID-19 restrictions following a wave of protests.
Oil futures traded higher Tuesday, finding support on signs China might ease up on COVID-19 restrictions following a wave of protests that sent crude prices tumbling in the previous session.
Price actionMarket drivers Oil fell sharply early Monday, with the U.S. benchmark briefly erasing its 2022 gains, as protests across China in response to the country’s strict COVID-19 restrictions sparked fears of a crackdown and a further hit to crude demand. Oil later bounced, finishing higher, amid chatter about the...
Price action Market drivers Oil fell sharply early Monday, with the U.S. benchmark briefly erasing its 2022 gains, as protests across China in response to the country’s strict COVID-19 restrictions sparked fears of a crackdown and a further hit to crude demand. Oil later bounced, finishing higher, amid chatter about the potential for a deeper cut in production by OPEC+.
“The announcement follows unprecedented street protests against President Xi [Jinping], and is the first indication that Beijing may be considering a relaxation of its draconian Covid-control policies. The prospect of a return to normality, in an economy that is the world’s largest oil importer, was enough to make oil prices jump, in the first significant price rebound of the last two weeks,” said Ricardo Evangelista, senior analyst at ActivTrades, in a note.
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