Crude oil prices Racking up today After China’s Demand Build

WTI crude oil prices rose toward $80 per barrel on Wednesday, hovering near the highest levels in over three weeks as further easing of China’s Covid restrictions lifted the demand outlook,

While Russia’s export ban to price cap users triggered supply concerns. In the latest developments, China said it will start issuing new passports and Hong Kong travel permits to mainland residents in early January, and it will also resume express checkpoints on the borders with Hong Kong and Macau.

Meanwhile, Moscow moved to ban exports of Russian crude oil and refined products to foreign buyers that adopt the G7 price cap, but avoided extreme measures that could disrupt global flows. Still, investors remain cautious about growing risks of a global recession next year, as major central banks are set to tighten policy further.