Tausi Insider

Oil prices settled higher on Friday but fell week-on-week after health authorities in China eased some of the country’s heavy COVID-19 curbs, raising hopes for improved economic activity and demand in the world’s top crude importer. Brent crude futures settled up $2.32 at $95.99 a barrel, extending a 1.1% rise from the previous session but falling 2.6% on the week. U.S. West Texas Intermediate (WTI) crude futures settled up $2.49, or 2.9%, at $88.96 a barrel, after climbing 0.8% in the previous session but down nearly 4% on the week. The easing curbs include shortening quarantine times for close contacts of cases and inbound travellers by two days, as well as eliminating a penalty on airlines for bringing in infected passengers. The benchmark oil contracts fell during the week due to rising U.S. oil inventories, and lingering fears over capped fuel demand in China, but late-week gains limited the losses. “China’s changing response to stubbornly high COVID-19 cases has added to the oi...

Oil prices settled largely narrowly mixed on Thursday, retreating from an early rally built on dollar weakness and hopes for improved fuel demand in China after COVID-19 curbs were eased in two major Chinese cities. Brent Crude futures settled 9 cents lower at $86.88 a barrel. U.S. West Texas Intermediate crude futures settled at $81.22 a barrel, up 67 cents or 0.8%. Both benchmarks remain on target for their first weekly gains after three consecutive weeks of decline. On Monday, Brent touched $80.61, lowest since Jan. 4. “We came into the session bullish but we’re not going to get to $100 no matter what city reopens,” said Eli Tesfaye, senior market strategist at RJO Futures. Tesfaye said he expects oil to trade in the $70-$90 a barrel range and gradually stabilize after higher volatility in recent weeks. The shift in China’s zero-COVID strategy raised optimism about a recovery in oil demand there. The cities of Guangzhou and Chongqing announced an easing of COVID-19 curbs on Wednes...