Oil prices jumped more than 2 percent after health authorities in China, the top global crude importer, eased some of the country’s heavy COVID curbs. | Reuters
“Oil traders are applauding the news. The key for oil markets is to continue watching developments closely for this and further marginal positive changes in the government’s zero-COVID stance,” said Stephen Innes, managing partner at SPI Asset Management.
Prices also picked up on Friday after milder-than-expected U.S. inflation data reinforced hopes that the Federal Reserve would slow down rate increases, boosting chances of a soft landing for the world’s biggest economy. Still, the benchmark oil contracts were headed for weekly declines of more than 1 percent due to rising U.S. oil inventories, and lingering fears over capped fuel demand in China amid an uptick in daily COVID cases.
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