Oil prices rise 5% on demand forecasts, record weekly gains

Oil prices rose, on Nov. 4, fueled by rosy demand outlook and decline in the US dollar.

China is working on a plan to scrap a system that penalizes airlines for bringing virus cases into the country, which indicates that the authorities are looking for ways to ease the impact of the Zero-COVID policy.

Bank of China International forecasts a decline in demand for oil in China during the current year by 400,000 barrels per day (bpd), due to COVID—19 restrictions in the country.

The US and its partners agreed to set a fixed price for Russian crude, but it is not yet clear at what level the price will be set, Bloomberg reported, citing sources familiar with the matter.

Brent crude futures for January delivery rose 4.1%, or $3.90, to $98.57 a barrel, with weekly gains of 2.9%. Meanwhile, US West Texas Intermediate (WTI) crude futures moved up 5%, or $4.44, to $92.61 a barrel, recording weekly gains of 5.4%.