WTI crude futures rebounded more than 2% to around $84 per barrel on Friday, its highest since October 2014, and heading for a fourth consecutive week of gains, the longest since October as supply disruptions in Libya and Kazakhstan and dwindling US crude inventories more than offset mobility curbs in China.
The latest EIA report showed US crude stockpiles declined by 4.553 million barrels last week to their lowest since October 2018 and compared to market expectations of a 1.904 million drop. However, China, the No. 2 oil consumer globally, has suspended some international flights and stepped up efforts to rein in a virus outbreak at Tianjin while the highly transmissible omicron variant has spread to the northeastern city of Dalian.
Also, Reuters reported Beijing agreed with Washington in late 2021 to a release from strategic stockpiles near the Lunar New Year holidays starting February 1st.
Source : Trading Economics