Singapore, December 19 (QNA) – Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session, amid optimism about China’s lifting of COVID-19 restrictions and oil demand recovery outweighed concerns of a global recession.
Brent crude futures rose 72 cents, or 0.9%, to $79.76 a barrel by 0103 GMT while U.S. West Texas Intermediate crude was at $74.89 a barrel, up 60 cents, or 0.8%.
China, the worlds top crude oil importer and No. 2 oil consumer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions.
Brent and WTI rose more than 3% last week as a Canada to U.S. pipeline remained shut with its operator TC Energy Corp focused on cleaning up an oil spill. The shutdown of the pipeline, with a capacity to send 622,000 barrels per day of Canadian crude to U.S. refiners, has supported prices for U.S. heavy crude grades. (QNA)
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