Oil prices rose more than a dollar a barrel in early Asian trade on Wednesday, supported by hopes of a recovery in demand in China with The country is gradually easing some of the strictest restrictions to combat “Covid-19”.
Brent crude futures rose $1.15, or 1%, to $113.08 a barrel, while West Texas Intermediate crude futures rose $1.62, or 1.4 percent, to $114.02 a barrel, compensating some of its losses after prices fell by about 2% in the previous session, according to “Archyde.com”. .
And the Chinese city of Shanghai achieved the long-awaited goal of not recording any new infections with the Corona virus outside quarantine areas for the third consecutive day on Tuesday, and it made plans on Monday to end a permanent closure of more than six weeks.
Market sources said, citing data from the American Petroleum Institute, on Tuesday, that US crude and gasoline stocks fell last week.
And US crude futures ended Tuesday’s trading at a higher level than Brent contracts for the first time since May 2020.