Oil prices rise on possible easing of Covid quarantine measure in China

Oil prices gained around $1 on Thursday as investor sentiment rose on news that China is considering a cut in the duration of quarantine for inbound visitors.

Brent crude futures for December settlement rose 80 cents, or 0.9%, to $93.21 a barrel at 0610 GMT.

U.S. West Texas Intermediate crude for November delivery (WTI), which expires on Thursday, rose $1.29, or 1.5%, to $86.84 per barrel. The WTI contract for December delivery was last up 1.4%, or $1.16 cents, at $85.68 a barrel.

“The market is bouncing on that quarantine news and by extension a flickering light at the end of the zero-Covid policy tunnel,” said Stephen Innes, managing partner at SPI Asset Management, adding that this is “the first positive sign we have seen out of China on the Covid front.”