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Oil prices rose nearly $1 on Thursday as investor sentiment rose on news that China is considering reducing the duration of the quarantine for arrivals.
By 0610 GMT, Brent crude futures for December settlement rose 80 cents, or 0.9 percent, to $92.21 a barrel.
West Texas Intermediate crude futures for November delivery, which expire on Thursday, rose $1.29, or 1.5 percent, to $86.84 a barrel. The West Texas crude contract for December delivery rose 1.4 percent, or $1.16, to $85.68 a barrel.
China, the world’s largest importer of crude, has adhered to strict restrictions to combat COVID-19 this year, severely affecting trade and economic activity, and reducing demand for fuel.
And Bloomberg Agency reported on Thursday, citing informed sources, that China is considering reducing the quarantine period for incoming visitors to seven days from ten days.
The report said officials aim to reduce the quarantine period to two days in a hotel and then five days at home, but it is not yet clear how the new restrictions will apply to foreigners and other visitors who do not have residency in China.
