Global oil prices have risen for the second consecutive day

Washington: Oil futures prices continued to climb for a second straight day during trading on Tuesday in light of hopes that the Chinese government will soon consider easing restrictions to combat the emerging Corona virus.
At the same time, investors expect the OPEC Plus rally of oil-exporting countries to move towards a fresh production cut during its meeting scheduled for Dec. 4 to support oil prices, after their significant decline in recent weeks.
The price of West Texas Intermediate crude, which is the benchmark for U.S. oil, rose $0.96, or about 1.2%, to $78.20 a barrel for next January delivery. The price of Brent crude, the global oil benchmark, rose $0.68, or 0.82%, to $84.57 a barrel for next January delivery.
This comes at a time when China announced the first drop in the number of new infections with the emerging coronavirus in mainland China a week ago, which has sparked some optimism. Chinese health officials also announced a plan to ramp up vaccinations for the elderly and said they were monitoring developments of the virus closely.
(dpa)