Oil jumped today, buoyed by hopes that China would relax its Covid-19 controls after rare protests against the country's zero-Covid strategy over the weekend in big Chinese cities.
Brent crude futures advanced $1.4, or 1.7%, and traded at $84.57 a barrel at 0645 GMT. US West Texas Intermediate crude futures rose $1.17, or 1.5%, to $78.39 a barrel.China held a news conference on Covid prevention and control measures at 0700 GMT on Tuesday amid record Covid infections and protests in Shanghai and Beijing.
The rare street protests in cities across China over the weekend were a vote against President Xi Jinping's zero-Covid policy and the strongest public defiance during his political career, China analysts said. Beijing has stuck with the zero-Covid policy even as much of the world has lifted most restrictions.
The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, are set to hold a meeting on Dec. 4. Analysts at Eurasia Group suggested in a note on Monday that weakened demand out of China could spur OPEC+ to cut output. OPEC+ started to lower its output target by 2 million barrels per day in November, aiming to shore up oil prices.Group of Seven and European Union diplomats have been discussing a cap of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. Russia calls its actions in Ukraine"a special operation".
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Washington restrained about Chinese response to Covid-19 protestsBiden administration has sought to ease tensions with Beijing in recent weeks
Read more »
'Zero-covid' protests are spreading in China but why is the country persisting with the policy?China the only major country still pursuing zero covid, a policy that includes snap lockdowns and lengthy quarantines.
Read more »
China needs clear path to escape Covid lockdownsAs economic and social costs mount from conflicting policy directives, Beijing requires a reopening strategy
Read more »
Covid-19 cases in China hit new record high after weekend of protestsPolice in Shanghai make arrests after clashes with protesters as BBC journalist detained and beaten in ‘worrying’ incident
Read more »
Apple to lose 6 million iPhone Pros from tumult at China plantApple to lose 6 million iPhone Pros from tumult at China plant via IrishTimesBiz
Read more »