WTI crude oil futures rose nearly 2%, topping $ 88 today. China will ease COVID-19 control measures after news reports
As of 11:01 pm Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in December. It was trading on NYMEX plus $ 1.68, or 1.94%, at $ 88.21 a barrel.
However, the market gained positive factors from the expectation that China would return to open the country. After the news that China has set up a committee to discuss the easing of Zero Covid measures.
Furthermore, the market was positively affected by the weakening of the dollar. This will increase the attractiveness of the contract. making oil contracts cheaper for holders of other currencies
At the same time, oil prices were also supported by tense conditions on the oil market. and US oil exports at record levels This indicates strong demand for oil.
Investors are keeping an eye on the Federal Reserve (Fed) monetary policy meeting this week, with the Fed expected to raise interest rates by 0.75% at its November December meeting.
