Oil futures rise Thursday, finding support as China moves to relax some of its COVID-19 restrictions and investors await a weekend meeting of OPEC+.
Oil futures rose Thursday, finding support as China moved to ease some COVID-19 curbs and traders awaited a weekend meeting of OPEC+ ministers.
In... Oil futures rose Thursday, finding support as China moved to ease some COVID-19 curbs and traders awaited a weekend meeting of OPEC+ ministers. In Beijing, officials will let those infected patients who are low risk to quarantine at home for a week, rather than in a government center, Bloomberg reported, citing sources. China has required anyone with any degree of COVID to stay at those government sites to cut transmission.
“It is still not exactly clear what action if any, the group will take. The weakness in the market over the last several weeks means that further supply cuts cannot be ruled out,” said Warren Patterson, head of commodities strategy at ING, in a note.Crude saw sharp gains Wednesday after the Energy Information Administration on Wednesday reported that U.S. crude inventories dropped 12.6 million barrels for the week ended Nov. 25. That followed two consecutive weekly falls.
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