Oil headed for its biggest weekly advance in almost two months as China took more steps to soften its strict virus controls and Washington mulled a pause in sales from strategic reserves.
West Texas Intermediate traded above $81 a barrel after a run of four daily gains. Beijing said it would allow some infected people to
, another softening of the Covid Zero policy, which has weighed on economic growth in the world’s biggest oil importer.from the Strategic Petroleum Reserve and allow refilling of the country’s emergency oil stockpiles. A Bloomberg gauge of the dollar is at the lowest since June, another tailwind for crude that’s priced in the US currency.
Oil has staged a sharp rebound after hitting its lowest level since 2021 on Monday as demand prospects improved due to the scaling back of China’s crippling Covid-Zero policy. There were also signs from Federal Reserve officials that the pace of
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