WASHINGTON (dpa-AFX) - Oil prices rallied more than 2 percent on Friday, with the upside supported by a weaker dollar and news of China easing its stringent COVID rules.
Benchmark Brent crude futures jumped 2.2 percent to $9.77 a barrel, while WTI crude futures were up 2.5 percent at $88.64.
The dollar remained under strong pressure after overnight data showed a smaller than expected increase in U.S. consumer prices in October.
U.S. consumer inflation rose 0.4 percent in October, pushing the annual increase below 8 percent for the first time in eight months.
The data raised hopes of Fed easing and a soft landing for the world's largest economy.
Meanwhile, China cut quarantine restrictions for inbound travelers and flights, boosting hopes for a revival in fuel demand.
Authorities also removed a penalty for airlines for bringing in too many cases.
The loosening of curbs came, a day after President Xi Jinping led his new Politburo Standing Committee in a meeting on COVID.
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