Crude Oil Racks Up As Demand Stemming From China

brent oil prices

WTI Crude Oil rose toward $76 per barrel on Tuesday, extending gains from the previous session, as demand optimism stemming from top crude importer China’s economic reopening outweighed concerns over an expected global economic slowdown next year.

Despite surging Covid cases, China appeared intent on ending its strict zero-Covid policy and delivering more pro-growth measures centered on reviving consumption.

The price cap imposed by the Group of Seven and European Union on Russian oil has also so far failed to disrupt flows, with Russia considering additional measures in response to the ceiling.

Meanwhile, investors remain cautious about mounting risks of a global recession next year, as major central banks signaled a more hawkish outlook on policy than markets anticipated amid their commitment to bring down inflation.