Oil prices nosed ahead in early Asian trade on Thursday, lifted by signs of tighter supply and by optimism over a Chinese demand recovery.
Brent crude futures rose 5 cents, or 0.06%, to $87.02 per barrel by 0115 GMT while U.S. West Texas Intermediate crude futures rose 16 cents, or 0.2%, to $80.71.
The giant Chinese cities of Guangzhou and Chongqing announced an easing of COVID curbs on Wednesday, a day after demonstrators in southern Guangzhou clashed with police amid a string of protests against the world’s toughest coronavirus restrictions.
However, Chinese business activity shrank further in November, official PMI data showed on Wednesday, raising fears about next year.
