Oil prices close mixed after 7-week highs on good outlook for China

Oil prices closed mixed on Monday, falling after hitting seven-week highs on optimism about a possible recovery in demand from China, the largest oil importer, as the economy recovers from pandemic-related lockdowns.

Brent crude finished up 56 cents at $88.19 a barrel. The session high was $89.09 a barrel, the highest since December 1. US crude oil (WTI) closed down 02 cents at $81.62 a barrel, down from a session high of $82.64 a barrel, the highest since Dec. 5.

Prices fell towards the end of the session as investors took profits, said Phil Flynn, an analyst at Price Futures Group.

However, the market wants to maintain long positions if Chinese growth picks up, said Sukrit Vijayakar, head of Mumbai-based energy consultancy Trifecta.

Data shows a solid rebound in travel to China after Covid-19 restrictions were eased, commodity analysts ANZ said in a note, noting that road traffic congestion in the country’s 15 major cities so far this month increased by 22% over the previous year.

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Source: Terra

Camila

Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.