Oil prices rose on Monday, a day after an influx of travellers into China following the reopening of borders raised expectations for fuel demand and partially offset fears of a global recession.<\/p>\n\n\n\n
Brent crude futures rose 90 cents, or 1.2 percent, to $79.47 a barrel by 0520 GMT, while US West Texas Intermediate crude was $74.67 a barrel, up 90 cents, or 1.2 percent.<\/p>\n\n\n\n
Hopes of less sharp increases in interest rates in the US are boosting financial markets and leading to a decline in the dollar. A weaker dollar makes dollar-denominated commodities more accessible to investors holding other currencies.<\/p>\n\n\n\n
Both Brent and West Texas Intermediate crude fell more than 8 percent last week, their biggest weekly drop at the start of a new year since 2016.<\/p>\n\n\n\n
China, the world’s second-largest oil consumer, opened its borders on Saturday for the first time in three years, boosting its demand for transport fuel.<\/p>\n\n\n\n
Domestic flights are expected to reach two billion during the Lunar New Year season, nearly double last year’s traffic and restoring 70 percent of 2019 levels, Beijing says.<\/p>\n\n\n\n
However, there are still concerns that this massive influx of travellers will lead to a further increase in COVID-19 infections and limit the recovery in Chinese economic activity.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Monday, a day after an influx of travellers into China following the reopening of borders raised expectations for fuel demand and partially offset fears of a global recession. Brent crude futures rose 90 cents, or 1.2 percent, to $79.47 a barrel by 0520 GMT, while US West Texas Intermediate crude was …<\/p>\n","protected":false},"author":9,"featured_media":74099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6832,7134,7123,6846,9952,6875,8207],"class_list":["post-78092","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-china","tag-covid-2","tag-demand","tag-oil","tag-oil-price-cap","tag-russia","tag-uncertainty"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/78092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=78092"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/78092\/revisions"}],"predecessor-version":[{"id":78093,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/78092\/revisions\/78093"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/74099"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=78092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=78092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=78092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}