Has stepped up oil prices, Today, Wednesday, with markets optimistic about the recovery of fuel demand as China continues to ease restrictions to combat “Covid-19”.
And by 01:17 GMT, Brent crude futures for February delivery rose 31 cents, or 0.4%, to $84.64 a barrel.
West Texas Intermediate crude futures rose 22 cents, or 0.3%, to $79.75 a barrel, according to Archyde.com.
In light of the optimism that dominates the market, the two benchmarks recorded their highest weekly levels in three weeks, on Tuesday.
Hopes for a recovery in fuel demand in China come as the world’s second largest economy moves towards reopening borders next month after three years of severe restrictions on movement and commercial activities to counter the “Covid-19” outbreak.
Prices also received support from news indicating that Russia is seeking to ban oil sales, starting from the first of February, to countries that adhered to the maximum Russian oil prices set by the Group of Seven majors on the fifth of December, according to a decree issued by President Vladimir Putin.
The decree stated that “it will prohibit the delivery of oil and Russian oil products to foreign legal entities and other individuals,” if they adopt a price ceiling.
The Russian agency Sputnik reported that the decree prohibits the delivery of oil products if the contract includes a price ceiling imposed by some countries.