Oil prices rose about 1 percent on Monday, extending gains from the previous session, as China eased some of its strict protocols to combat the Coronavirus, raising hopes of a recovery in economic activity and demand in the world’s largest importer of crude.<\/p>\n\n\n\n
Brent crude and US West Texas Intermediate contracts rose by about one percent earlier in the session, but later gave up some of the gains.<\/p>\n\n\n\n
Brent crude futures rose in the last trading 31 cents, or 0.3 percent, to $ 96.30 a barrel by 0430 GMT, after rising 1.1 percent at the close on Friday.<\/p>\n\n\n\n
US West Texas Intermediate crude futures also rose 23 cents, or 0.3 percent, to $ 89.19 a barrel, after closing Friday’s session up 2.9 percent.<\/p>\n\n\n\n
Commodity prices rose on Friday after China’s National Health Commission revised its coronavirus prevention and control measures. But COVID-19 infections rose in China over the weekend.<\/p>\n\n\n\n
“The latest easing in quarantine requirements is certainly a step in the right direction, but the market will likely need further easing if this latest enthusiasm is to continue,” ING said in a note.<\/p>\n\n\n\n
China’s demand for oil from Saudi Arabia, the world’s largest exporter, remains weak after many refineries requested to raise smaller quantities of crude in December.<\/p>\n\n\n\n
But the rise of the dollar limited the rise in the price of oil.<\/p>\n","protected":false},"excerpt":{"rendered":"
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