Brent climbs above $84 on demand optimism

27/12/2022 Argaam

Oil rises as China further eases zero-COVID policy

Oil drilling rigs

International benchmark Brent crude edged past $84-mark today, Dec. 27, as China announced its decision to further ease measures aimed at containing the spread of COVID-19.

 

Russia's decision to ban exports to some countries also supported the rise in crude prices.

 

Russian President Vladimir Putin signed a presidential decree banning the export of crude oil and petroleum products to any country that imposes a ceiling on the price of its crude.

 

Meanwhile, China said it will scrap the mandatory quarantine for inbound travelers, as the country continues to relax its strict zero-COVID policy.

 

In the US, the country's largest refinery, Motiva Port Arthur, began to resume operations after harsh winter weather forced it to suspend production.

 

Brent crude futures for February delivery rose 0.5%, or 41 cents, to close at $84.33 a barrel.

 

On the other hand, WTI crude for February delivery decreased slightly, down 3 cents, to reach $79.53 per barrel.

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