Oil prices rose more than a dollar a barrel in early Asian trade today, Wednesday, supported by hopes for a recovery in demand in China, as the country gradually eased some of the Corona restrictions that it imposed at the beginning of cases.
Brent crude futures rose $1.15, or 1%, to $112.08 a barrel, and West Texas Intermediate crude futures rose $1.62, or 1.4 percent, to the level of 113.02. dollars a barrel, compensating some of its losses after prices fell by about 2% in the previous session.
The Chinese city of Shanghai achieved a long-awaited goal of not registering any new coronavirus infections outside quarantine areas for the third day in a row, yesterday, and made plans last Monday to end the closure Lasting more than 6 weeks.
According to CNBC Arabia, market sources said, citing data from the American Petroleum Institute yesterday, that US crude and gasoline stocks fell last week, as it announced. US government inventory data later today.