WTI crude oil futures rose more than 3%, topping $ 89 today. This was supported by China’s announcement to ease COVID-19 control measures. This will support domestic oil demand.
As of 7:40 pm Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in December. It traded on NYMEX plus $ 2.71, or 3.13 percent, at $ 89.18 a barrel.
China has signaled to open up the country. After announcing the relaxation of Covid-19 control measures by reducing the detention period for those traveling abroad including the cancellation of airline fines in the event that a passenger is found infected with COVID-19
Oil prices were also positive due to the depreciation of the dollar. This will increase the attractiveness of the contract. making oil contracts cheaper for holders of other currencies
Furthermore, the market expects the US Federal Reserve (Fed) to slow the rate hike. behind the consumer price index (CPI), which is a measure of inflation on consumer spending. below analysts’ forecasts. This indicates that US inflation has passed its peak.
