The rally in crude comes after both Brent and West Texas Intermediate fell more than 8% last week on worries about a global economic downturn.
Oil prices rebounded from the previous week’s sharp losses with traders betting on increased demand as Beijing continued to ease COVID-19 restrictions and open up the world’s second biggest economy.
“Oil... Oil prices rebounded from the previous week’s sharp losses with traders betting on increased demand as Beijing continued to ease COVID-19 restrictions and open up the world’s second biggest economy. “Oil prices are finally catching a flyer over the China border reopening as the removal of local restrictions, inter/intra-provincial mobility normalization, lifting of border restrictions between China/HK/Macau and international travel reopening are strong tailwinds for oil markets,” said Stephen Innes, managing partner at SPI Asset Management.
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