Oil prices increased as hopes that China would relax its Covid-19 restrictions outweighed worries that a global recession would reduce demand for energy.
After Beijing relaxed mobility restrictions, China, the world’s top importer of crude oil, is currently experiencing the first of three anticipated waves of COVID-19 cases. Beijing has stated that it will increase economic support in 2023.
West Texas Intermediate crude in the United States increased by 90 cents to $75. 19, while Brent crude gained 76 cents to settle at $79.80 per barrel.
Early in the year, following Russia’s invasion of Ukraine in February, oil prices soared toward their all-time high of $147 per barrel.
After weeks of discussions on the emergency measure that has divided opinion within the European Union, the energy ministers agreed to a gas price cap.