Oil prices continue to inch higher as China's easing of COVID-19 restrictions appears to offset concerns about the outlook for global economic growth.
West Texas Intermediate crude oil, the U.S. standard, is trading near $89 U.S. a barrel and has been in a range of just over $10 U.S. for the last month. Brent crude oil, the international benchmark, is trading at $95.70 U.S. per barrel.
The U.S. dollar is rising for the first time in nearly a week, making commodities priced in the currency more expensive.
However, traders seem primarily focused on expectations for a rebound in Chinese demand after the nation of 1.4 billion eased some of its COVID-19 restrictions late last week.
An increase in Chinese crude consumption could lead to a further tightening of the market, which is facing European Union sanctions on Russian crude oil next month (December) after OPEC+ initiated a round of supply cuts.
U.S. Treasury Secretary Janet Yellen has said that without a price cap it is likely that Russia will have to shut down some of its oil production in coming months.
