Thursday, December 1, 2022

The price of oil is rising sharply again

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Is China relaxing the corona measures?

The price of oil is rising sharply again

The price of oil rose again significantly on Friday. The reason for this was the hope of investors that China would relax its corona measures and that demand in the billion-euro state would increase again.


The price of oil has been rising again for weeks.

Oil prices rose again significantly on Friday morning. A 159 liter keg of North Sea Brent for January delivery cost $96.55. That was $1.92 more than the day before. The price of a barrel of US West Texas Intermediate (WTI) grade for delivery in December rose $1.94 to $90.11.

The reason for the increase was speculation that China could finally relax its restrictive corona policy. This fueled hopes of higher demand from the country of 1.4 billion people. There had already been speculation during the week about a possible departure from the strict zero-Covid strategy of the leadership in Beijing, which was rejected by the Chinese authorities. Despite the denial, investors in the oil market are apparently still banking on an imminent easing, which is driving prices up.

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