rose oil prices About $1, today, Thursday, as investor sentiment rose on the news that China is considering reducing the quarantine period for arrivals.
By 06:10 GMT, Brent crude futures for December settlement rose 80 cents, or 0.9%, 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, according to “Archyde.com”.
Earlier, Brent crude futures for December settlement fell 28 cents, or 0.3%, to $ 92.13 a barrel, while West Texas Intermediate crude futures for November delivery, which expire on Thursday, increased 34 cents, or 0.4%, to $ 85.89 a barrel.
China, the world’s largest importer of crude, has adhered to strict restrictions to combat COVID-19 this year, which has severely affected trade and economic activity, reducing demand for fuel.
And Bloomberg Agency reported, today, Thursday, quoting informed sources, that China is considering reducing the quarantine period for incoming visitors to seven days from ten days.
The report said officials are aiming to reduce the quarantine period to two days in a hotel, 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.
In statements, yesterday, Wednesday, US President Joe Biden announced that he intends to sell 15 million barrels of crude oil from the Strategic Petroleum Reserve and buy back oil if prices fall. The withdrawal from the strategic reserve will be the latest batch of a sale of 180 million barrels of oil announced shortly after the Russian war on Ukraine in February.
Biden revealed that his country will increase investments in the field of oil exploration, as it needs to increase its production without delay.
He said, “We have drawn up a plan to refill the strategic reserve, after withdrawing from it. We will buy oil from abroad to refill the strategic reserve.”
Biden denied that the withdrawal from the strategic oil reserve was for electoral reasons, saying: “I directed officials in America to work on reducing fuel prices.”