UK and U.S. markets had been closed on Monday for Christmas holidays.
Equities gained while the U.S. dollar softened on Tuesday in response to the Chinese move. A weaker dollar makes oil cheaper for holders of other currencies and tends to support risk assets. Oil also drew support from worries over supply disruption because of winter storms in the United States, said Kazuhiko Saito, chief analyst at Fujitomi Securities.
“But the U.S. weather is forecast to improve this week, which means the rally may not last too long,” he said. As of Friday, some 1.5 million barrels of daily refining capacity along the U.S. Gulf Coast was shut, while oil and gas output from North Dakota to Texas suffered freeze-ins, cutting supply.Russia might cut oil output by 5 percent to 7 percent in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.
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