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Oil Prices Rise by 3%

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Oil Prices Rise by 3%


Oil Prices Rise by 3%

Oil prices rose on Friday after China’s health authorities relaxed some of the country’s strict COVID restrictions.

Brent crude futures rose $2.47, or 2.6%, to $96.13 per barrel, extending the previous session’s 1.1% gain.

WTI crude futures increased $2.54 or 2.9% to $89.01 a barrel in the United States after increasing 0.8% over the previous session.

Lockdowns have a greater impact on oil prices and mobility than they do on economic activity. The decision to liberalize COVID-zero will therefore benefit oil markets.

Prices rose on Friday as weaker-than-expected U.S. inflation data boosted hopes that the Federal Reserve will slow rate hikes, implying a soft landing for the world’s largest economy. Oil prices are supported by a weaker U.S. Dollar. This makes it more affordable for buyers who have other currencies.

However, benchmark oil futures declined more than 2 percent on week-to–week worries about China’s limited demand for fuel. This was despite a rise US crude inventories as well as daily gains from the coronavirus.

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In the Middle East, the market for initial public offerings has seen a rise in prices and investor interest this year.

IPO proceeds have been…



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