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Crude Oil Surge Today After Generate Demand From China

 

WTI Crude Oil rose above $75 per barrel on Monday, snapping a two-day decline as Chinese authorities vowed to boost consumption at a key economic policy meeting, sparking hopes of greater energy demand in the world’s top crude importer.

Adding to the bullish sentiment, the Biden administration is moving to replenish US emergency reserves starting with a 3 million barrel, fixed price purchase, following a year of unprecedented release from strategic reserves to counter soaring energy costs.

The price cap imposed by the Group of Seven and European Union on Russian oil has also so far failed to disrupt flows, with top buyer India saying it does not expect problems.

Meanwhile, fears of a global recession continued to weigh on commodity markets as central banks in major economies are set to tighten policy further

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