Oil prices rose as fears of a U.S. recession eased but were on track for weekly declines of more than 4 percent after a jump in COVID-19 cases in top oil importer China raised the spectre of weaker fuel demand. | Reuters
Oil prices picked up on Friday as the U.S. dollar fell after data on Thursday showed inflation was weaker than expected, reining in expectations of rate hikes and boosting hopes of a soft landing for the world’s biggest economy, analysts said.
However, analysts said price gains were capped by China continuing to pose a risk on the demand side, with COVID-19 cases on the rise in the manufacturing hub of Guangzhou, where authorities on Thursday urged residents to work from home. Besides work-from-home orders reducing mobility and fuel demand, travel across China remained subdued, with people concerned about getting caught up in quarantine, ANZ Research analysts said in a note.
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