price of oil intermediate of Texas (WTI) rose 1.34% this Monday and closed at $74.76 a barrel, in an apparent welcome reaction to China’s reopening of its borders and the end of that country’s policy. “Zero Covid”,
at close of business New Yorkforward contract of WTI They added $0.99 compared to the previous day’s close for delivery in February.
Brent oil had the same reaction today, rising by a very similar percentage (1.37%) to $76.65 on the London futures market.
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Texas had already opened with booming enthusiasm after the Chinese government announced yesterday that Covid-19 was no longer category disease A – the level of maximum danger and which required the most severe measures for prevention – to become a category B, which contemplates more lax controls.
For this reason, investors expect energy demand to increase in this country – the world’s main importer of crude oil – and even more so if one takes into account that the holiday season The year new mole,
However, a rise in coronavirus cases in the Asian country could negatively impact crude oil consumption and create bottlenecks in supply chains.
On the other hand, contract promise of gas natural They rose from $0.216 to $3.92 for February, and for gasoline ending in the same month also rose $0.05 per gallon to $2.29.