Global oil prices up on easing of anti-COVID measures in China

World oil prices rose on January 9 morning after the easing of anti-COVID measures in China, Report informs referring to the auction data.

The price of March futures for Brent crude rose by 1.27% to $79.57 per barrel, February futures for WTI grew by 1.38% to $74.79.

Since the beginning of December 2022, the Chinese authorities have been gradually easing measures to combat coronavirus infection, which for three years have been among the most stringent in the world.

Since January 8, mandatory PCR testing at the entrance to the country and centralized isolation for those arriving in China have been canceled.

Against this background, the oil market is seeing prices rise by more than 1%, as hopes for an increase in demand for fuel have resumed.