Oil prices extend gains on hopes of China demand amid ease of Covid protocols
Oil prices rose nearly 1 per cent 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 per cent, to $96.86 a barrel by 0041 GMT after settling up 1.1 per cent on Friday.
US West Texas Intermediate crude futures were at $89.76 a barrel, up 80 cents, or 0.9 per cent, after closing Friday’s session 2.9 per cent 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.
