Oil prices rise over 2% on Friday as China eases COVID-19 curbs

Oil prices rose, on Nov. 11, fueled by optimism about crude demand recovery in China and continued decline in the US dollar.

 

China reduced the quarantine time for international travelers by two days, which would boost economic recovery in the country, CNBC reported.

 

The US drilling rig count rose nine units to 622 in the week ended Nov. 11, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

 

Brent crude futures for January delivery rose 2.5%, or $2.32, to $95.99 a barrel, with weekly losses of 2.6%. Meanwhile, US West Texas Intermediate (WTI) crude futures moved down 2.9%, or $2.49, to $88.96 a barrel, recording weekly losses of 3.9%.

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