Oil rose on Monday as the prospect of demand recovery, led by China’s loosening of COVID-19 curbs and the United States’ decision to buy back oil for its state reserves, gained the upper hand over global recession fears.
“Despite a surge in COVID cases, the reopening optimism and accommodative policy improve oil’s demand outlook,” CMC Markets analyst Tina Teng said.
On Friday, news outlet Caixin reported that China plans to increase flights with a goal to restore the country’s average daily passenger flight volumes to 70 percent of 2019 levels by Jan. 6. China also pledged to focus on stabilising its $17-trillion economy in 2023 and step up policy adjustments to ensure key targets are hit, said its top leaders and policymakers at a closed-door two-day meeting for charting the economy’s course next year.
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