Oil prices moved higher on Friday after health authorities in China, the world’s largest importer of crude, eased some measures strict restrictions in the country regarding the Corona virus.
Brent crude futures were up $2.86, or 3.1%, to $96.53 a barrel, as of 11:45 GMT, extending the 1.1% gain in the prior session.
US West Texas Intermediate crude futures rose $2.87, or 3.3%, to $89.34 a barrel, after rising 0.8% in yesterday’s session.
The easing of restrictions in China includes easing quarantine times for close contacts and incoming travelers, as well as lifting a fine for airlines for bringing infected passengers.
Crude oil prices also rose today after lower-than-expected US inflation data fueled hopes that the Federal Reserve would slow rate hikes.
The weakness of the US dollar has also supported oil prices as it makes it cheaper for buyers holding other currencies.
However, benchmark oil contracts are heading for a weekly decline on rising US oil inventories and continued concerns over fuel demand in China due to rising daily Covid cases.
Cases have jumped to the highest levels since the Shanghai lockdown earlier this year. Beijing and Zhengzhou have both reported record daily cases.
