WASHINGTON (dpa-AFX) - Oil prices rose around 1 percent Monday on optimism over demand recovery due to China's easing of COVID curbs.
Benchmark Brent crude futures climbed 0.8 percent to $79.66 a barrel, while WTI crude futures were up 0.8 percent at $75.08.
Oil prices fell sharply on Friday but posted weekly gains amid supply disruption concerns and hopes for a recovery of demand in top consumer China after the country relaxed several strict COVID-19 control measures.
Today's rebound comes after Beijing relaxed mobility restrictions and pledged support to boost growth in 2023.
China's end to its zero-COVID policy is breathing life into its aviation sector, with average jet fuel demand jumping by 75 percent in two weeks, according to satellite data company Kayrros.
As infections surge and growth worries mount, Beijing has vowed to boost consumption and loosen control over private industry next year.
Stabilizing economic growth is the top priority for 2023, according to an official readout following the conclusion of the Central Economic Work Conference (CEWC), a key annual meeting of top leaders, which ended Friday.
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