rose oil prices About $ 1 today, Thursday, as investor sentiment increased on news that China is considering reducing the quarantine period for arrivals.
By 06:10 GMT, Brent crude futures for December settlement were up 80 cents, or 0.9%, to $ 92.21 a barrel.
West Texas Intermediate crude oil futures for November delivery, expiring Thursday, were up $ 1.29, or 1.5 percent, to $ 86.84 a barrel.
The West Texas crude oil contract for December delivery rose 1.4%, or $ 1.16, to $ 85.68 a barrel, according to “Reuters”.
Previously, December Brent crude futures fell 28 cents, or 0.3%, to $ 92.13 a barrel, while West Texas Intermediate futures for November delivery, expiring Thursday, were increased 34 cents, or 0.4%, to $ 85.89 a barrel.
China, the world’s largest importer of crude oil, has joined tight restrictions this year to combat COVID-19, which has severely affected trade and economic activity by reducing demand for fuel.
And Bloomberg reported Thursday, citing informed sources, that China is considering reducing the quarantine period for incoming visitors to seven days from ten days.
The report says officials aim to reduce the quarantine period to two days at the hotel, then to five days at home, but it is still unclear how the new restrictions will apply to foreigners and other visitors who are not resident in China. .
In statements yesterday, Wednesday, US President Joe Biden announced that he intends to sell 15 million barrels of crude oil from the Strategic Petroleum Reserve and buy back oil if prices fall. The withdrawal from the strategic reserve will be the latest batch of a sale of 180 million barrels of oil announced shortly after the Russian war against Ukraine in February.
Biden revealed that his country will increase investment in oil exploration, as it needs to increase its production without delay.
He said: “We have come up with a plan to replenish the strategic reserve, after we have withdrawn it. We will buy oil from abroad to replenish the strategic reserve.”
Biden denied that the withdrawal from the strategic oil reserve was for electoral reasons, saying, “I have ordered officials in America to work to reduce fuel prices.”
