Oil prices rose nearly 1% on Monday, extending gains from the previous session as China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world's top crude importer.
"This policy pivot will help limit downside fears of a protracted restrictive approach to on-onshore activity, but it doesn't eliminate the immediate demand hit from current lockdowns," SPI Asset Management's Stephen Innes said in a note.
The easing curbs included shortening quarantine times for close contacts of cases and inbound travellers by two days, as well as eliminating a penalty on airlines for bringing in infected passengers. "The latest easing in quarantine requirements is certainly a step in the right direction, but the market will likely need to see further easing if this recent enthusiasm is to be sustained," ING said in a note.
China's demand for oil from world's top exporter Saudi Arabia remained weak as several refiners have asked to lift less crude in December.
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