Oil prices are rising to start the trading week as China abandons its Zero COVID-19 policy.
West Texas Intermediate (WTI) crude oil, the U.S. standard, gained 1.1% to trade at $75.14 U.S. a barrel in London. At the same time, the price of Brent crude oil, the international benchmark, rose 1.1% to $79.92 U.S. a barrel.
However, trading volumes were below the 30-day average for both the global benchmark and WTI.
Oil prices remain on track for a second monthly decline as concerns about a worldwide recession grow, with central banks continuing to raise interest rates.
At the same time, expectations are growing for a resumption in oil demand within China as that country end its restrictive Zero COVID-19 policy.
Meanwhile, the U.S. is replenishing its Strategic Petroleum Reserve, starting with a three million barrel fixed-price purchase, the U.S. Department of Energy announced.
The announcement follows U.S. President Joe Biden’s order earlier in the year for an unprecedented release from the reserves to help lower domestic energy prices.
