London (Archyde.com)
Yesterday, oil prices rose by about 1%, to reach $88.50 a barrel, continuing last week’s gains on the back of stronger expectations with the expected economic recovery this year in China, the largest oil importer.
Brent crude futures rose 88 cents to $88.51 a barrel, the highest level since November 18, while West Texas Intermediate crude futures rose 76 cents to $82.40.
Last week, Brent rose 2.8%, while US crude rose 1.8%.
Asian trading was slower due to the Lunar New Year holiday, but analysts said optimism related to China’s reopening is likely to push oil prices higher.
Commodity analysts at ANZ Corporation said that the data shows a strong recovery in travel in China after the easing of “Covid-19” restrictions, noting a 22% jump in road traffic so far this month compared to the previous year in 15 major cities in the country.