He stepped up oil prices, Today, Wednesday, as markets are bullish on a recovery in fuel demand as China continues to ease anti-‘Covid-19’ restrictions.
And at 01:17 GMT, Brent crude futures for February delivery were up 31 cents, or 0.4%, to $84.64 a barrel.
West Texas Intermediate crude futures rose 22 cents, or 0.3%, to $79.75 a barrel, according to Reuters.
In light of the optimism dominating the market, the two benchmarks posted their highest weekly levels in three weeks on Tuesday.
Hopes of a pick-up in fuel demand in China come as the world’s second-largest economy moves towards reopening borders next month after three years of severe restrictions on movement and business to tackle the “Covid-19” outbreak “.
Prices also received support from reports that Russia is seeking to ban oil sales, effective February 1, to countries that joined the price ceilings for Russian oil set by the Group of Seven majors on December 5. according to a decree issued by President Vladimir Putin.
The decree stated that it will “ban the delivery of Russian oil and petroleum products to foreign legal entities and other individuals,” if they adopt a price ceiling.
The Russian news agency Sputnik reported that the decree prohibits the delivery of petroleum products if the contract includes a maximum price imposed by some countries.
