Oil prices extend gains as China eases some Covid-19 restrictions
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.
Brent crude futures rose 87 cents, or 0.9%, to $96.86 a barrel by 0041 GMT after settling up 1.1% on Friday.
U.S. West Texas Intermediate crude futures were at $89.76 a barrel, up 80 cents, or 0.9%, after closing Friday’s session 2.9% higher.
Commodities prices rallied on Friday after China’s National Health Commission adjusted its COVID prevention and control measures. But COVID cases climbed in China over the weekend.
