Oil nudges higher after China opens borders, lifts fuel demand outlook

Oil prices edged up on Monday, a day after travellers streamed into China following a reopening of borders that lifted the fuel demand outlook and partly offset concerns of global recession.

Brent crude futures had risen 53 cents, or 0.7%, to $79.10 a barrel by 0114 GMT while U.S. West Texas Intermediate crude was at $74.23 a barrel, up 46 cents, or 0.6%.and depressing the dollar. A weaker greenback makes dollar-denominated commodities more affordable for investors holding other currencies.

"Crude oil futures had their biggest weekly losses in a month due to recession fears as oil prices have been positively correlated with inflation since 2022, though China's reopening may buffer the decline in the near term," CMC Markets analyst Tina Teng said in a note.on Saturday for the first time in three years, buoying the outlook for its demand for transportation fuels.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Reuters /  🏆 2. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China eyes petroyuan to weaken dollar as oil producers rally to BeijingChina looks to weaken US dollar with petroyuan as oil producers rally to Beijing, and Russia has 'become an Asian nation,' analyst says
Read more »

Kevin McCarthy fails in 14th vote for speaker; House voting to adjourn till MondayRepublican leader Kevin McCarthy failed again after a 14th round of voting for House speaker on Friday night.
Read more »

Kevin McCarthy fails in 14th vote for speaker; House voting to adjourn till MondayRepublican leader Kevin McCarthy failed again after a 14th round of voting for House speaker on Friday night.
Read more »

NYC weather: Snow, rain could impact Monday morning commuteRain and snow Sunday night could impact your Monday morning commute.
Read more »

House postpones vote on rules package until Monday after McCarthy elected speakerThe House will not vote on the rules that will govern the 118th Congress after Kevin McCarthy (R-CA) won the speaker's gavel in a high-drama vote on early Saturday morning.
Read more »