Oil rises as Chinese border opening spurs fuel demand optimism
SINGAPORE: Oil prices climbed on Monday as the borders reopened in China, the world’s top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns.
Brent crude futures rose 90 cents, or 1.2%, to $79.47 a barrel at 0520 GMT, while US West Texas Intermediate crude was up 90 cents, or 1.2%, at $74.67.
Hopes for less-aggressive US interest rate rises are buoying financial markets and depressing the dollar. A weaker greenback makes dollar-denominated commodities more affordable for investors holding other currencies.
